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Total production in the economy is described by the production function Y=cKL, where c is a constant, L is labour, and K is capital. Which
Total production in the economy is described by the production function Y=cKL, where c is a constant, L is labour, and K is capital. Which of the following is true?
- This economy exhibits diminishing marginal product of labour
- This economy exhibits marginal product of labour equal to c
- This economy exhibits marginal product of labour equal to cK
- This economy exhibits marginal product of labour equal to cL
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