Cobb-douglas production function, Macroeconomics

Assignment Help:

Consider an economy characterized by the following Cobb-Douglas production function:

Y=4K1/4L3/4

Where K and L represent physical capitaland labor, respectively. Assume that these inputs are given and fixed where, K= 6000 and L=1600

a) Derive an expression for the marginal product of physical capital (MPK)

b) Derive an expression for the marginal product of labor (MPL)

c) Find the total output in this economy

d) Find the amount of output contributed by labor

e) Find the amount of output contributed by capital

 


Related Discussions:- Cobb-douglas production function

Fiscal, what is the supply side

what is the supply side

Fiscal restraint is required, If the AD excess is $300 billion and the MPC ...

If the AD excess is $300 billion and the MPC is 0.8 how much fiscal restraint is required? What does the "debt held by the public" mean?

The crowding out effect, what goals and policies are being discused to addr...

what goals and policies are being discused to address the crowding out effect?

Economics, n 2013, approximately 58 percent of the adult population (245 mi...

n 2013, approximately 58 percent of the adult population (245 million) was employed, the lowest employment rate in 20 years. If the employment rate increased to the prerecession l

National product and domestic product, National Product and Domestic Produc...

National Product and Domestic Product  A modern economy produces literally thousands of different goods and services. Some of these goods and services such as rice, wheat, shir

Grocery store buys milk, Suppose that a grocery store buys milk for $2.10 a...

Suppose that a grocery store buys milk for $2.10 and sells it for $2.60. If the milk gets old then the grocery store can sell their unsold milk back to their wholesaler for $0.60 (

Monetarism - friedman''s demand for money function, Monetarism This sc...

Monetarism This school argues that disturbances within the monetary sector are the principal causes of instability in the economy. According to monetarists, the money supply i

What is consumption?, "Consumption" is an old name for tuberculosis (TB) th...

"Consumption" is an old name for tuberculosis (TB) that explains how the illness wastes away or consumes its victims. TB is "an ancient enemy" that has plagued human kind for more

National icome determination, subjective questions on national income deter...

subjective questions on national income determination

Write Your Message!

Captcha
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