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Suppose that the following Cobb-Douglas production function represents the economy of 0.3 0.7 Malaysia: Y = F(K,L)= AK L . Assuming output, capital and labour
Suppose that the following Cobb-Douglas production function represents the economy of 0.3 0.7 Malaysia: Y = F(K,L)= AK L . 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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Microeconomics An Intuitive Approach with Calculus
Authors: Thomas Nechyba
1st edition
538453257, 978-0538453257
