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In an interesting paper published in the journal American Economic Review in September 1970, Professor Martin Weitzman from Yale University estimated a production function for Russia (then the Soviet Union) based on a large amount of macroeconomic data from 1950 to 1969. The production function he used in his estimate
1_Q = γ rδ K -ρ + (1 - δ)L-ρ1- ρis known as the Constant Elasticity of Substitution (CES) production function. Weitzman estimated the parameters of the function and expressed it as Y = 0.8(0.64K -1.5 + 0.36L-1.5)-0.67 (where Y is output)
(a) Is this function homogeneous?
(b) Write the marginal physical product of labor MPPL and capital MPPK .
(c) If K = 5000 units and L = 8000 units, what is Y , MPPL , and MPPK ?
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