Suppose Cobb-douglus prodution function, yielded = 0.956875 and â = -1.38961 thus the log form becomes logQ = -1.38961 + 0.956875 log K +0.429457 log L (8.662) (4.390) (4.139) T = 90 R = 0.6755 F(2,87)= 117.74 ở = 0.27476 (i) If K is increased by 10 percent while L remains constant,estimate how much Q would increase. (ii) If all factors pf production (both K and L) are each increased by 10 percent estimate how much Q would increase.

Suppose Cobb-douglus prodution function, yielded = 0.956875 and â = -1.38961 thus the log form becomes logQ = -1.38961 + 0.956875 log K +0.429457 log L (8.662) (4.390) (4.139) T = 90 R = 0.6755 F(2,87)= 117.74 ở = 0.27476 (i) If K is increased by 10 percent while L remains constant,estimate how much Q would increase. (ii) If all factors pf production (both K and L) are each increased by 10 percent estimate how much Q would increase.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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