Suppose a Cobb-Douglas production function is given as Q = L 0.5 K 0.5 ( a) Find
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Suppose a Cobb-Douglas production function is given as Q = L 0.5 K 0.5
(
a) Find the degree of production ‘function’,
(
b) Find the law of production it reveals, and
(
c) Find the output for 10 units of labour and 5 units of capital.
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