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Explain the meaning of the term elasticity

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Reference no: EM133129905

a. Write the linear econometric model that represents a production function in which log of output is a linear function of log of capital. Estimate the coe?icients using a simple (uniyariate} regression 0L8 model. Explain your results.

b. Explain the meaning of the term elasticity. Use your results to report the elasticity of output with respect to changes in capital.

Reference no: EM133129905

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