Verify for the Cobb-Douglas production function P(L, K) = 1.01L 0.75 K 0.25 discussed in Example 3

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Verify for the Cobb-Douglas production function

P(L, K) = 1.01L^0.75K^0.25

discussed in Example 3 that the production will be doubled if both the amount of labor and the amount of capital are doubled. Determine whether this is also true for the general
production function

P(L, K) = bL^aK^1-a

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Calculus Early Transcendentals

ISBN: 978-1285741550

8th edition

Authors: James Stewart

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Question Posted: Apr 15, 2019 02:55 PM

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Verify for the Cobb-Douglas production function P(L, K) = 1.01L 0.75 K 0.25 discussed in Example 3

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If the amounts of labor and capital are both doubled we r...View the full answer

Calculus Early Transcendentals

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