A production function with two inputs has constant returns to scale and an 80 percent income share for labour. If labour grows by 3 percent, capital grows by 2 percent and the rate of technical progress is 1.2 percent, about how many years would it take for the current level of output to double? Multiple Choice 14 18 23 35 58

A production function with two inputs has constant returns to scale and an 80 percent income share for labour. If labour grows by 3 percent, capital grows by 2 percent and the rate of technical progress is 1.2 percent, about how many years would it take for the current level of output to double? Multiple Choice 14 18 23 35 58

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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