The production function given in equation 6.7 is a special case of Cobb-Douglas function.

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Answer 1

Question

Chapter 6, Problem 6.7P

a.

To determine

To show: The production function given in equation 6.7 is a special case of Cobb-Douglas function.

b.

To determine

To state: If doubling of ‘K’ and ‘L’ will double ‘q’ when a+b=1 .

c.

To determine

To state: If doubling of ‘K’ and ‘L’ will less than double ‘q’ when a+b≺1 .

d.

To determine

To state: If doubling of ‘K’ and ‘L’ will more than double ‘q’ when a+b≻1 .

e.

To determine

To state: Returns to scale exhibited by Cobb-Douglas function.

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Students have asked these similar questions

Suppose that the production function q = f(L,K), shows that if L = 3 and K = 5 then q = 10. Is it possible that L = 3 and K = 6 yields q = 11 for this production function?

Consider the following production functions and match them to the word that describes their returns to scale. Production function A: F(L,K) = K²L Production function B: F(L,K) = 25K + 10L Production function C: F(L,K) = (KL)¹2 Production function D: F(L,K) = 5L² + L¹/2K1/2 Production Function A✔ Choose... Decreasing Production Function B Constant Production Function C Increasing Production Function D Choose.. +

The Cobb-Douglas production function with output Q and capital and labor inputs K and L, respectively, is given by: Q = f(K,L) = K«LB where 0 < a <1 and 0

Answer 2

Question

Chapter 6, Problem 6.7P

a.

To determine

To show: The production function given in equation 6.7 is a special case of Cobb-Douglas function.

b.

To determine

To state: If doubling of ‘K’ and ‘L’ will double ‘q’ when a+b=1 .

c.

To determine

To state: If doubling of ‘K’ and ‘L’ will less than double ‘q’ when a+b≺1 .

d.

To determine

To state: If doubling of ‘K’ and ‘L’ will more than double ‘q’ when a+b≻1 .

e.

To determine

To state: Returns to scale exhibited by Cobb-Douglas function.

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Answer 3

Question

Chapter 6, Problem 6.7P

a.

To determine

To show: The production function given in equation 6.7 is a special case of Cobb-Douglas function.

b.

To determine

To state: If doubling of ‘K’ and ‘L’ will double ‘q’ when a+b=1 .

c.

To determine

To state: If doubling of ‘K’ and ‘L’ will less than double ‘q’ when a+b≺1 .

d.

To determine

To state: If doubling of ‘K’ and ‘L’ will more than double ‘q’ when a+b≻1 .

e.

To determine

To state: Returns to scale exhibited by Cobb-Douglas function.

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Answer 4

Question

Chapter 6, Problem 6.7P

a.

To determine

To show: The production function given in equation 6.7 is a special case of Cobb-Douglas function.

b.

To determine

To state: If doubling of ‘K’ and ‘L’ will double ‘q’ when a+b=1 .

c.

To determine

To state: If doubling of ‘K’ and ‘L’ will less than double ‘q’ when a+b≺1 .

d.

To determine

To state: If doubling of ‘K’ and ‘L’ will more than double ‘q’ when a+b≻1 .

e.

To determine

To state: Returns to scale exhibited by Cobb-Douglas function.

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Answer 5

Chapter 6, Problem 6.7P

a.

To determine

To show: The production function given in equation 6.7 is a special case of Cobb-Douglas function.

b.

To determine

To state: If doubling of ‘K’ and ‘L’ will double ‘q’ when a+b=1 .

c.

To determine

To state: If doubling of ‘K’ and ‘L’ will less than double ‘q’ when a+b≺1 .

d.

To determine

To state: If doubling of ‘K’ and ‘L’ will more than double ‘q’ when a+b≻1 .

e.

To determine

To state: Returns to scale exhibited by Cobb-Douglas function.

Answer 6

Chapter 6, Problem 6.7P

a.

To determine

To show: The production function given in equation 6.7 is a special case of Cobb-Douglas function.

Answer 7

Chapter 6, Problem 6.7P

a.

To determine

To show: The production function given in equation 6.7 is a special case of Cobb-Douglas function.

Answer 8

b.

To determine

To state: If doubling of ‘K’ and ‘L’ will double ‘q’ when a+b=1 .

Answer 9

b.

To determine

To state: If doubling of ‘K’ and ‘L’ will double ‘q’ when a+b=1 .

Answer 10

c.

To determine

To state: If doubling of ‘K’ and ‘L’ will less than double ‘q’ when a+b≺1 .

Answer 11

c.

To determine

To state: If doubling of ‘K’ and ‘L’ will less than double ‘q’ when a+b≺1 .

Answer 12

d.

To determine

To state: If doubling of ‘K’ and ‘L’ will more than double ‘q’ when a+b≻1 .

Answer 13

d.

To determine

To state: If doubling of ‘K’ and ‘L’ will more than double ‘q’ when a+b≻1 .

Answer 14

e.

To determine

To state: Returns to scale exhibited by Cobb-Douglas function.

Answer 15

e.

To determine

To state: Returns to scale exhibited by Cobb-Douglas function.

Answer 16

Expert Solution & Answer

Answer 17

Expert Solution & Answer

Answer 18

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Answer 19

Ch. 6.2 - Prob. 1TTA Ch. 6.2 - Prob. 2TTA Ch. 6.2 - Prob. 1MQ Ch. 6.2 - Prob. 2MQ Ch. 6.3 - Prob. 1TTA Ch. 6.3 - Prob. 2TTA Ch. 6.3 - Prob. 1MQ Ch. 6.3 - Prob. 2MQ Ch. 6.4 - Prob. 1TTA Ch. 6.4 - Prob. 2TTA

The production function given in equation 6.7 is a special case of Cobb-Douglas function.

Solution Summary: The production function given by equation 6.7 is a special case of Cobb-Douglas function because of the relationship between inputs.

To show: The production function given in equation 6.7 is a special case of Cobb-Douglas function.

To state: If doubling of ‘K’ and ‘L’ will double ‘q’ when a+b=1 .

To state: If doubling of ‘K’ and ‘L’ will less than double ‘q’ when a+b≺1 .

To state: If doubling of ‘K’ and ‘L’ will more than double ‘q’ when a+b≻1 .

To state: Returns to scale exhibited by Cobb-Douglas function.

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Chapter 6 Solutions