Maurice Tutor

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Category > Management Posted 15 Jan 2018 My Price 6.00

marginal product of capital

Suppose the production function is  E is the amount of education workers receive; the rest of the notation is standard. Assume that there is perfect capital mobility. In particular, K always adjusts so that the marginal product of capital equals the world rate of return, r∗.

 

(a) Find an expression for the marginal product of capital as a function of K, E, L, and the parameters of the production function.

 

(b) Use the equation you derived in (a) to find K as a function of r∗, E, L, and the parameters of the production function.

 

(c) Use your answer in (b) to find an expression for d(ln Y)/dE, incorporating the effect of E on Y via K.

 

(d) Explain intuitively how capital mobility affects the impact of the change in E on output.

 

 

 


 

Answers

Maurice Tutor
(5)
Status NEW Posted 15 Jan 2018 08:01 PM My Price 6.00

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