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Suppose that the following Cobb-Douglas production function represents the economy of Malaysia: Y = F(K,L)= AK^0.3 L ^0.7. Assuming output, capital and labour to be
Suppose that the following Cobb-Douglas production function represents the economy of Malaysia: Y = F(K,L)= AK^0.3 L ^0.7. Assuming output, capital and labour to be RM10 trillion, RM8 trillion and 20 million workers respectively, (a) Calculate the marginal product of labour (b) Calculate the marginal product of capital
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Management And Organisational Behaviour
Authors: Laurie Mullins
7th Edition
0273688766, 978-0273688761
