In the Cobb-Douglas Production Function , Defining Y =

question 70

Multiple Choice

In the Cobb-Douglas production function , defining y = Y/L as output per person and
K=K/L as capital per person, the per person production function is:

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Definitions:

Physical Capital

Assets used in the production of goods and services that are tangible, such as machinery, buildings, and equipment.

Human Capital

The economic value of the skills, knowledge, and experiences possessed by an individual or population.

Real GDP

The measure of a country's economic output adjusted for price changes, such as inflation or deflation, providing a more accurate reflection of an economy's size and health.

Percent

A mathematical term representing a part per hundred in everything from finance to statistics.