The Cobb–Douglas production function Y = K2/3 L1/3 can be rearranged into the output per worker function:y = k1/3.y = k2/3.y = k3.y = k2.

Production function (Cobb-Douglas)

Suppose an economy's output is determined by a Cobb-Douglas production function Y =AKL1-a where A=8.K-2, L=64 and a=0.2.The total amount of national income paid to labour and capital, respectively, is

In the long run the Cobb-Douglas production function;

Consider the “Cobb-Douglas” production function given by 𝑌=𝐴𝐾13𝐿23 where A is a positive constant. Suppose that the capital stock grows at 2% per year and the labour force grows at 1% per year. According to the production function, what will output growth be approximately?Group of answer choices1% per year2% per year3% per year4% per year

Assuming a Cobb-Douglas production function with constant returns to scale, then, as L rises with K and A constant, it will be the case that:Group of answer choicesThe marginal product of labour will rise and the marginal product of capital will fallBoth the marginal product of labour and the marginal product of capital will fallBoth the marginal product of labour and the marginal product of capital will riseThe marginal product of labour will fall and the marginal product of capital will rise