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Consider the following production function. Y=K0.5N0.5. Consider K/N=1. Now consider a doubling of K/N. Output will: a. More than double. b.Double. O c. Less than double. O d. Not change.

Consider the following production function. Y=K0.5N0.5. Consider K/N=1. Now consider a doubling of K/N. Output will: a. More than double. b.Double. O c. Less than double. O d. Not change.

Economics (MindTap Course List)
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter21: Production And Costs
Section21.3: Production
Problem 1ST
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Consider the following production function. Y=K0.5N0.5. Consider K/N=1. Now consider a doubling of K/N. Output will: a. More than double. O b.Double. O c. Less than double. O d. Not change.
Transcribed Image Text:Consider the following production function. Y=K0.5N0.5. Consider K/N=1. Now consider a doubling of K/N. Output will: a. More than double. O b.Double. O c. Less than double. O d. Not change.
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