In the Cobb-Douglas production function (Q - aL³¹K²):O a. a and bb. the marginal product of labor (L) is equal to 1O c. a and cd. if the amount of labor input (L) is increased by 1 percent, the output will incree. the average product of labor (L) is equal to 32

Introduction A functionally relevant form of the production function that is frequently used to…

In the Cobb-Douglas production function (Q - aLAK²): O a. a and b O b. the marginal product of labor (L) is equal to 1 O c. a and c O d. if the amount of labor input (L) is increased by 1 percent, the output will in e. the average product of labor (L) is equal to 32

In the Cobb-Douglas production function (Q - aLAK²): O a. a and b O b. the marginal product of labor (L) is equal to 1 O c. a and c O d. if the amount of labor input (L) is increased by 1 percent, the output will in e. the average product of labor (L) is equal to 32

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

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Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

In the Cobb-Douglas production function (Q - aL³¹K²):
O a. a and b
b. the marginal product of labor (L) is equal to 1
O c. a and c
d. if the amount of labor input (L) is increased by 1 percent, the output will incre
e. the average product of labor (L) is equal to 32

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