Find and interpret the output elasticity

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Reference no: EM13774468

Suppose you are given the following Total Product Function: Q=100 K^3/2 L^4/2 M^4/7 ,where Q is total output or units produces; K, capital; L, labor; and M, materials.; that is, this is a input factor production function.

Suppose K = 1,000; L = 200 workers; and M = value of all materials use at 450

1) Find and interpret the output elasticity (or elasticity’s).

Reference no: EM13774468

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