Captures technological progress

Assignment Help Basic Computer Science
Reference no: EM132361669

Consider the following production function y = F(K, L) = TKαL β where K and L represent capital and labor inputs respectively. Denote by s the capital-labor ratio (s = K L ). T captures technological progress and is assumed constant here. α and β are two parameters.

(a) Under what condition(s) does the function exhibit CRS? DRS? IRS?

(b) Find the marginal product of capital (MPk) and the marginal product of labor (MPL).

(c) Assume that β = 1-α. Rewrite the production function in terms of the capital-labor ratio (s).

(d) Assume that β = 1-α. Show that Euler's theorem holds for this production function

Reference no: EM132361669

Questions Cloud

Why is philanthropic responsibilities important : Why is philanthropic responsibilities important to Philip Morris International?
Two main change processes of corporate culture : Discuss the two main change processes of corporate culture. Which of these change processes supports organizational growth the most? Why?
Future according to demand and supply : The price of FAME will fluctuate in the future according to demand and supply. Which method has the lower break-even price in the: (i) short run, (ii) long run?
Explain workforce planning as to its purpose : Explain workforce planning as to its purpose. Describe methods for conducting workforce planning and detail desired outcomes.
Captures technological progress : Denote by s the capital-labor ratio (s = K L ). T captures technological progress and is assumed constant here. a and ß are two parameters.
Promotion and pricing strategies : Entrepreneurs must determine what to sell, to whom and how often, on what terms and at what price, and how to get the product or service to the customer.
Optimal solution makes sense from economic point of view : Does the optimal solution makes sense from an economic point of view? explain your answer.
Explain the principal theories of leadership and motivation : Explain the principal theories of leadership and motivation and describe the fundamental considerations in managing and motivating individual and group behavior
Economy labour endowment : Without trade (in autarky), its daily production is 10 tons of corn and 20 tons of wheat. This economy's labour endowment is of 50 workers.

Reviews

Write a Review

Basic Computer Science Questions & Answers

  Inheritance and polymorphism

Pick a pair of concrete classes in the JDK in a parent-child relationship and discuss a few polymorphic and/or overloaded methods.

  Topic-textual analytics-r programming

Which of the following provides the least help in reducing the dimensionality of the document term matrix?

  Form of concurrency control

Give an example of another transaction T2 that, if run concurrently to transaction T without some form of concurrency control, could interfere with T1.

  How can the same icts be used for multiple purposes

How can the same ICTs be used for multiple purposes? What steps are needed to use, say the Internet for meeting the educational and health needs of poor female farmers in an isolated rural community?

  Proposal for implementing education

As a consultant for MacArthur and Associates, it is your job to create a 200 word proposal for implementing education and technology into the workplace. Be sure to follow up your proposal with facts from outside resources.

  Find the pmf of y the number of points scored in a 1

Find the PMF of Y, the number of points scored in a 1

  Types of systems in a business

How do ERP and CRM help a company, and what are the drawbacks to setting up those different types of systems in a business?

  Meaning of the state machine diagram components

What is the use and meaning of the state machine diagram components.

  Exploring oop and its data structures

Object-oriented programming has been adopted widely because of its capability to reuse code. Most application development software provides class libraries and extensive support for complex data structures, including linked lists.

  Correlation of effective configuration management

Examine the correlation of effective configuration management and change control procedures to remain compliant with emerging technologies and IT security changes.

  Compute the given probability

In the exercise, X is a binomial variable with n = 6 and p = 0.1. Compute the given probability. Check your answer using technology.

  Creating a frequency table and bar graph

Summarize the categorical data by creating a frequency table and bar graph.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd