In the Cobb-Douglas production function (Q - aLAK²): O a. a and b O b. the marginal product of labor (L) is equal to 1 O c. a and c O d. if the amount of labor input (L) is increased by 1 percent, the output will in e. the average product of labor (L) is equal to 32

Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
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In the Cobb-Douglas production function (Q - aL³¹K²):
O a. a and b
b. the marginal product of labor (L) is equal to 1
O c. a and c
d. if the amount of labor input (L) is increased by 1 percent, the output will incre
e. the average product of labor (L) is equal to 32
Transcribed Image Text:In the Cobb-Douglas production function (Q - aL³¹K²): O a. a and b b. the marginal product of labor (L) is equal to 1 O c. a and c d. if the amount of labor input (L) is increased by 1 percent, the output will incre e. the average product of labor (L) is equal to 32
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