Verify for the Cobb-Douglas production function P(L, K) = 1.01L 0.75 K 0.25 discussed in Example 3
Question:
Verify for the Cobb-Douglas production function
P(L, K) = 1.01L0.75K0.25
discussed in Example 3 that the production will be doubled if both the amount of labor and the amount of capital are doubled. Determine whether this is also true for the general
production function
P(L, K) = bLaK1-a
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