Consider the following form for the production function of an economy Q = F (K, L,t) where Q, K, L and t denote output, capital, labour and time respectively. If K and L depend only on t, find an expression for dQ/dt in terms of the partial derivatives of the production function and the time derivatives of K and L. Now suppose that K and L have constant proportionate rates of growth m and n respectively. Find the rate of growth of output when the production function takes the following form:

Consider the following form for the production function of an economy Q = F (K, L,t) where Q, K, L and t denote output, capital, labour and time respectively. If K and L depend only on t, find an expression for dQ/dt in terms of the partial derivatives of the production function and the time derivatives of K and L. Now suppose that K and L have constant proportionate rates of growth m and n respectively. Find the rate of growth of output when the production function takes the following form:

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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