(Solution Download) The petroleum company in Problem 53 is taken over by


The petroleum company in Problem 53 is taken over by another company that decides to double both the units of labor and the units of capital utilized in the production of petroleum. Use the Cobb-Douglas production function given in Problem 53 to find the amount of petroleum that will be produced by this increased utilization of labor and capital. What is the effect on productivity of doubling both the units of labor and the units of capital?

 







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