Cobb-douglas production function, Macroeconomics

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

 

Posted Date: 2/21/2013 1:56:21 AM | Location : United States







Related Discussions:- Cobb-douglas production function, Assignment Help, Ask Question on Cobb-douglas production function, Get Answer, Expert's Help, Cobb-douglas production function Discussions

Write discussion on Cobb-douglas production function
Your posts are moderated
Related Questions
Suppose the banking system has reserves of $750,000, demand deposits of $2,500,000 and a reserve requirement of 20%. a) If the Fed now purchases $125,000 worth of government bon

Illustrate the about term the open economy in short. The Open Economy: a. A closed economy is an economy which does not trade goods-services as well as assets. b. The Uni

What impact will high and variable rates of inflation have on the economy? How will they influence the risk accompanying long-term contracts and related business decisions?

Consider the following simple economy which consists of two industries, guns (1) and butter (2) and is characterized by the following input-output matrix. Suppose also that

Q. Explain the basic characteristics of IS-curve? IS-LM diagram IS-curve The IS curve shows all combinations of R and Y where the goods marketis in

Use the monopoly model to explain how providers are able to charge different groups of patients different prices.

In the keynesian cross model, assume the consuption function is given by C=200=.75(Y-T) and planned investment=100, government purchases and taxes are each of them 100. a) Draw a g

How rates depends on maturity Rates depending on maturity. Even though rates with different maturity (all recalculated to a yearly rate) need not be exactly equal, they cannot

A radiology firm charges $2,000 per exam. Uninsured patients are expected to pay list price. How much do they pay?

Historically, the proportion of students entering a university who finished in 4 years or less was 64%. To test whether this proportion has decreased, 122 students were examined an