What is output elasticity in this case. what sort of, Ask an Expert

Economics

Calculating output elasticity in the given case

A firm has carefully measured its production function, and thinks that it can be approximated by:

Q = K^0.55*L^0.45, where Q = units of output, K = units of capital, and L = units of labor.

a. What is output elasticity in this case?

b. What sort of returns to scale does the firm face? describe.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M925578

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