1. If the estimated Cobb-Douglas production function is Q = 10K 408 a. What are the output elasticities of capital and labor? If the firm increases only the quantity of capital or only the quantity of labor used by 10%, by how much would output increase?( b. What type of returns to scale does this production function indicate? If the firm increases at the same time both the quantity of labor and the quantity of capital used by 10%, by how much would output increase? (

1. If the estimated Cobb-Douglas production function is Q = 10K 408 a. What are the output elasticities of capital and labor? If the firm increases only the quantity of capital or only the quantity of labor used by 10%, by how much would output increase?( b. What type of returns to scale does this production function indicate? If the firm increases at the same time both the quantity of labor and the quantity of capital used by 10%, by how much would output increase? (

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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