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We will find it simpler to work with a production function of one variable, the capital per labor ratio (k ≡ K/L). Define the production function in terms of the capital-labor ratio as f(k) = L1F(K,L) = F(K/L,1) = F(k,1). Derive this function for the Cobb-Douglas production function with constant returns to scale.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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