Who would support such a policy

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Reference no: EM133582990

Question: Suppose the production function of Dreamland is given by the following:

Y=K0.3L0.7, where Y is output, L is labour, and K is capital.

a. What is the return to scale property of the production function?

b. What will happen to output if we double the use of capital and labour?

c. Write the production function as a relationship between output per worker and capital per worker.

Suppose the government of Dreamland introduces a new policy that allows a huge increase in the number of new immigrants into the country. Who would support such a policy? Workers or employers? Why?

Reference no: EM133582990

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