Suppose the economy's production function is (Y=) (A K^{0.3} N^{0.7}) and that (K=200, N=2000), and (A=1). Calculate
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Suppose the economy's production function is \(Y=\) \(A K^{0.3} N^{0.7}\) and that \(K=200, N=2000\), and \(A=1\). Calculate the marginal products of labor and capital.
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To calculate the marginal products of labor and capital we differentiate the production function wit...View the full answer
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