Chapter9: Production Functions
Section: Chapter Questions
Problem 9.9P
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Question
![The Cobb-Douglas production function is given by Y = AK" L-.
Here a is a given parameter that satisfies 0< a< 1. The marginal product
of capital is and shows
Douglas production function displays and the level of output
returns to capital. The Cobb-
per worker can be written as a function of the level of
Oa: diminishing marginal; constant returns to scale; technology
a: diminishing marginal: increasing returns to scale: capital per worker
ai diminishing marginal; constant returns to scale; capital per worker
(1 - a) : increasing marginal; decreasing returns to scale; capital per
worker](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc38e36af-269e-429c-9988-b030867440cd%2Ffa101182-769c-4033-99f1-00e42d102f26%2F4blidet_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The Cobb-Douglas production function is given by Y = AK" L-.
Here a is a given parameter that satisfies 0< a< 1. The marginal product
of capital is and shows
Douglas production function displays and the level of output
returns to capital. The Cobb-
per worker can be written as a function of the level of
Oa: diminishing marginal; constant returns to scale; technology
a: diminishing marginal: increasing returns to scale: capital per worker
ai diminishing marginal; constant returns to scale; capital per worker
(1 - a) : increasing marginal; decreasing returns to scale; capital per
worker
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