Question
The economist for the ABC Truck Manufacturing Corporation has calculated a production function for the manufacture of their medium-size trucks as follows: Q = 1.3
The economist for the ABC Truck Manufacturing Corporation has calculated a production function for the manufacture of their medium-size trucks as follows:
Q = 1.3 L0.75 K0.3
Where Q is number of trucks produced per week, L is number of labor hours per day, and K is the daily usage of capital investment.
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International Macroeconomics
Authors: Robert C. Feenstra, Alan M. Taylor
Fourth Edition
1319061729, 978-1319061722
