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Consider the following Cobb-Douglas production function for a firm that uses labor hours (L), capital (K), and energy (E) as inputs: Q=0.0012L^0.45 K^0.3 E^0.2 Determine

Consider the following Cobb-Douglas production function for a firm that uses labor hours (L), capital (K), and energy (E) as inputs:

Q=0.0012L^0.45 K^0.3 E^0.2

Determine the labor, capital and energy production elasticities.

Suppose that worker hours are increased by 2 percent holding other inputs constant.What would be the resulting percentage change in output?

Suppose that capital is decreased by 3 percent holding other inputs constant.What would be the resulting percentage change in output?

What type of returns to scale appears to characterize this production function?

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