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We will find it simpler to work with a production function of one variable, the capital per labor ratio (kK/L). Define the production function in

  1. We will find it simpler to work with a production function of one variable, the capital per labor ratio (kK/L). Define the production function in terms of the capital-labor ratio asf(k) =L1F(K,L) =F(K/L,1) =F(k,1).

Derive this function for the Cobb-Douglas production function with constant returns to scale.

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