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y=K^a L^(1-a) a. Use your answer for part a and the relationship between logs and growth rates to show that find the growth rate of Y if a = 0.3, K…

by | Nov 28, 2023 | math

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y=K^a L^(1-a)

a. Use your answer for part a and the relationship between logs and growth rates

to show that find the growth rate of Y if a = 0.3, K grows at 2%, and L grows at 1%

b. Find the marginal product of capital and labor by taking the derivative of with

respect to K and L

d. Check that Y=MPK*K + MPL=L This will be handy when we talk about

firm optimization behavior.

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