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
Q. Definition of Money? Before talking over macroeconomic models we should define what we mean by money. Money has aninteresting and long history and an understanding of how we

Relate overnight interest rates with interest rates By controlling overnight interest rates, the central bank will affect the interest rates with longer maturity. The reason f

Industrial Production and Agricultural Production  Industrial production and agricultural production are aggregate measures of sectoral outputs. It is a common practice to divi

The price will change in the market, only due to the change in demand for the product. True or false

What are the general principles about marginal and average total cost curves? General principles which are always true concerning a firm’s marginal and average total cost curve

Q. Define Nominal wages? The nominal wage is wage per unit of time in the currency used in the country- what we usually just call wage. When we mention wage in macroeconomics w

Suppose the annual demand function for the Honda Accord is Qd = 430 - 10 PA + 10 PC - 10 PG where PA and PC are the prices of the Accord and the Toyota Camry respectively (in thous

How price level rises differ from price rises In macroeconomics, it's common to use term "prices" or "price" as short for price level. Expression "prices rise" must be interpre

The circular flow of income in a simple economy where all income is consumed  The operation of forces in an economy can be expressed in the form of a circular flow of incomes a

Society seeks for monopolists to operate at the point where _______ = MC which is the lowest point on the ATC curve (the most efficient). A) D B) ATC C) MR D) AVC