If the Cobb-Douglas production function is q = L0. 75 K0 .25 , and K = 16,
Question:
If the Cobb-Douglas production function is q = L0.75K0.25, and K̅ = 16, what is the elasticity of output with respect to labor?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 57% (7 reviews)
q L 025 K 076 K 16q L 025 16 075 Elasticity of output w...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Microeconomics Theory and Applications with Calculus
ISBN: 978-0133019933
3rd edition
Authors: Jeffrey M. Perloff
Question Posted:
Students also viewed these Economics questions
-
What is the long-run cost function if the production function is q = L + K?
-
Assuming that the United States' output is characterized by a Cobb-Douglas production function with constant returns to scale and that the elasticity of output with respect to the capital input...
-
Using equation (11.10), derive a formula for the steady-state growth rate of income per person and the capital-labor ratio in terms of the autonomous growth factor, a, and elasticity of output with...
-
If the owner of a company takes merchandise for personal use, what account is debited? a. Owners capital b. Owners withdrawals c. Purchases d. Cash
-
A 1-m3 insulated tank contains air at 1 MPa, 560 K. The tank is now discharged through a small convergent nozzle to the atmosphere at 100 kPa. The nozzle has an exit area of 2...
-
Explain why, in the short run, there might be a trade-off between inflation and unemployment.
-
Describe the shape of the distribution. Use the data set, which represents the points scored by each player on the Montreal Canadiens in the 20152016 NHL season. 7507 17 10 0 19 2 18 9 5 5 26 26 0 12...
-
The federal government proposes to construct a multipurpose water project to provide water for irrigation and municipal use. In addition, flood control and recreation benefits will be realized. The...
-
When your firm has job titles like dungeon designer and loremaster and the statue in front of company headquarters is a 12-foot-tall, 2-ton Orc riding a wolf, you know you don't work in an everyday...
-
1. As part of your college experience, do you think you would benefit from participating in a campus ambassador or campus rep program? Why or why not? 2. In what ways would participating in a campus...
-
Suppose that the Cobb-Douglas production function is q = L0.75K0.25. a. What is the average product of labor, holding capital fixed? b. What is the marginal product of labor? c. What are the APL and...
-
What are the differences between an isoquant and an indifference curve?
-
Using the formula for gravity, show that the force of gravity on a 1-kg mass at Earths surface is 9.8 N. You need to know that the mass of Earth is 6 10 24 kg, and its radius is 6.4 10 6 m. F = G-...
-
Please pass the journal entries for the following transactions relating to the project ABC took place during February 2 0 2 2 . Account these transactions in NPR . ( a ) Income received from FCDO GBP...
-
1.Given examples of integers and rational numbers, students will identify and label a s et of 10 numbers, integers, and rational numbers with 85% accuracy. 2. Given the peer-partner grouping,...
-
= Given f(x, y) corresponding to 4x xy+1y, find the directional derivative at (x, y) 2T 3 . Round to 5 decimal places as necessary. = (5, 2) in the direction
-
Personal Financial Goals Name(s): Deily Baldonado. Date: 01/11/2024 Short Term Goals (1 year or less) Meta Priority Target Date Estimated cost Save $5,000 for emergencies. 12 months. January 2025...
-
Thirty voters with the preference schedules below are to elect a union spokesperson from among five candidates: A, B, C, D, and E. If the Borda count is used, candidate B would win. Number of voters...
-
A consulting firm, TAC, is decentralized with 25 offices around the country. The headquarters is based in Vancouver. Another operating division is located in Calgary. A printing subsidiary operation,...
-
General Electric Capital, a division of General Electric, uses long-term debt extensively. In a recent year, GE Capital issued $11 billion in long-term debt to investors, then within days filed legal...
-
Suppose Hewlett-Packard is considering outsourcing its telephone- based technical support functions for its printers to India. The hourly cost of a tech support person in the United States is $ 50...
-
Chanel perfume is sold in France and in the United States. Assume initially that one euro is worth $ 1.30 and that a 100 ml bottle of perfume sells for $ 80 in the United States. If Chanel does not...
-
Use a figure to explain the fishers comment about the effect of a large catch on the market price in the cartoon about catching lobsters in this chapter. What is the supply shock?
-
How may price floors and ceilings destroy market equilibrium? How does the shape of the indicator line on the graph show diminishing returns? Monthly rent A Price Ceiling on Rent B $900 $800...
-
Provide a comprehensive analysis of the regulatory frameworks governing financial institutions, delineating the intricate interplay between prudential supervision, market conduct standards, and...
-
How does the forum meet organisational objectives? What vocabulary, tone, structure and style suits the audience? How will I: build trust develop positive working relationships ...
Study smarter with the SolutionInn App