25 Jul WHAT IS LABORS SHARE AND WHAT IS CAPITALS SHARE OF INCOME WITH THIS PRODUCTION FUNCTION?
I dont understand this question. is the formula below fixed or thiss just an example of Cob Show more Hello I dont understand this question. is the formula below fixed or thiss just an example of Cobb-Douglas problem ? Please show your answer clearly and in detail for getting best rating. One of the most commonly used production functions is the Cobb-Douglas production function F(KL) = AK^(a) L^(1-a) where 0 <= a <= 1 and A > 0. a. What is the marginal product of capital and labor given this production function? b. Show whether or not the production function has constant returns to scale. (Hint: do this for all values not just one. Define an extra variable to do this.) c. Show (all steps beginning with the marginal products) that labor and capital have constant shares of total income. What is labors share and what is capitals share of income with this production function? Thanks Show less
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