uppose that the production function of a country is given by Y=K3L0.7, where Y is output, L is labour, and K is capital. a)What is the return to scale property of the production function? B)What will happen to output if we double the use of capital and labour? C)Write the production function as a relationship between output per work
uppose that the production function of a country is given by Y=K3L0.7, where Y is output, L is labour, and K is capital. a)What is the return to scale property of the production function? B)What will happen to output if we double the use of capital and labour? C)Write the production function as a relationship between output per work
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter17: Economic Growth: Resources, Technology, Ideas And Institutions
Section17.2: A Production Function And Economic Growth
Problem 4ST
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2. Suppose that the production function of a country is given by Y=K3L0.7, where Y is output, L is labour, and K is capital.
a)What is the return to scale property of the production function?
B)What will happen to output if we double the use of capital and labour?
C)Write the production function as a relationship between output per worker and capital per worker.
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