Assume a Cobb-Douglas Production Function Where the Share of Labor

question 49

Multiple Choice

Assume a Cobb-Douglas production function where the share of labor is 0.7 and the share of capital is 0.3.If there is no technological progress, labor grows at 2%, and capital grows at 1.5%, then real output will grow by

• A)0)45%
• B)1)50%
• C)1)85%
• D)2)85%
• E)3)05%

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