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ECON 4400 Lecture : 13lecture1780frankenstein09SU.pdf

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School
York University
Department
Economics
Course
ECON 4400
Professor
All

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Related Questions

F(K,L)= (A aK^(alpha) +(1รขยˆย’a)L^(alpha))^(beta), where รŽยฑ < 1. What condition is necessary for the CES production function to exhibit constant returns to scale? 3. Show that when a CES production function exhibits constant returns to scale, it also exhibits diminishing marginal product for either input.

In class there was an argument that if people could accumulatehuman as well as physical Capital, the production function wouldlook like the "AK" production function.

(A)If the production function is AK and the savings rate is theconstant rate "S", and the rates of depreciation and populationgrowth are d and n respectively, what would the growth rate of theeconomy be?
Determine whether each of the following production functionexhibits constant increasing, or decreasing returns to scale incapital and labor.

A) Y=AK^3/4 L^34