An economy has the technology of production y k l12a does, Ask an Expert

Economics

An economy has the technology of production: Y = K L^(1/2)

a. does this technology satisfy constant returns to scale?

b. does the technology display diminishing returns to capital?

c. calculate the share of GDP that would go to capital and the share that would go to labor if the real wage and the real rate of return were equal to the marginal products of labor and capital

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M92198711

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