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Suppose that the production function for the corporate sector is well represented by the Cobb-Douglas production function: Y=K^0.3L^0.7 Suppose that the capital stock of the firm is K bar= 10. Show that the demand for labor is given by W/P= 1.4L^-0.3

Find the amount of labor demanded for:

W/P=0.1, W/P=0.3, W/P=0.5, W/P=0.7, and W/P=0.9

Econometrics, Economics

  • Category:- Econometrics
  • Reference No.:- M9497289

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