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17. Assume that the production function is Cobb-Douglas with parameter a=0.3. In the neoclassical model, if the labor fo
Posted: Fri Jul 01, 2022 8:12 am
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- 17 Assume That The Production Function Is Cobb Douglas With Parameter A 0 3 In The Neoclassical Model If The Labor Fo 1 (11.33 KiB) Viewed 40 times
17. Assume that the production function is Cobb-Douglas with parameter a=0.3. In the neoclassical model, if the labor force increases by 10 percent, then output: a. increases by about 10 percent. b. increases by about 7 percent. c. increases by about 3 percent. d. does not increase since the new workers are unemployed.