Question
Y=K^a(ANBN^)+CL^ Ystands for output,Kstands for the capital stock,Nstands for the number of people employed,Lstands for the quantity of land used in production,AandBstand for measures of
Y=K^a(ANBN^)+CL^
Ystands for output,Kstands for the capital stock,Nstands for the number of people employed,Lstands for the quantity of land used in production,AandBstand for measures of labour efficiency, andCfor a measure of land efficiency.is a parameter whose value is between 0 and 1,andare parameters whose values are1.
(a) Derive the formulas for:
- the marginal product of labor (MPN).
- the marginal product of capital (MPK). - the marginal product of land (MPL).
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The Vanishing American Corporation Navigating The Hazards Of A New Economy
Authors: Jerry Davis, Gerald F Davis
1st Edition
1626562792, 9781626562790
