In an economy, if three-fourths of national income goes to labor, and one-fourth to capital stock, the Cobb-Douglas production function for this economy will be:
A) Y = A × 1/4 × K × 3/4 × L B) Y = A × K4 × L3
C) Y = A × K1/4 × L3/4 D) Y = A × K1/3 × L2/3
C
Economics
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Which of the following equations is most likely to represent short-run aggregate supply according to the misperceptions theory?
A) Y = 6000 B) Y = 6000 + 50(P - Pe) C) P = 2 D) PY = 12,000
Economics
Rearrange the following contributors to the growth of productivity in descending order of their quantitative importance: economies of scale, quantity of capital, improved resource allocation, education and training, and technological advance.
What will be an ideal response?
Economics