A two input (using capital and labor) Cobb Douglas production function takes the form y a 0 K a L b where K is capital and L is labor (a) If a b 1, what happens to output if you increase both K and L by some multiple, m

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A two-input (using capital and labor) Cobb-Douglas production function takes the form: y = a 0 K a L b where K is capital and

A two-input (using capital and labor) Cobb-Douglas production function takes the form:

y = a₀K^aL^b

where K is capital and L is labor.

(a) If a + b = 1, what happens to output if you increase both K and L by some multiple, m?

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