Q1491
Assume a production function Y = Lα K1 - α (Y = output, L = labour and K = Capital) for a firm in a purely competitive market. Which one of the following would measure the share of labour in output?
A.
α
AnswerB.
L(α)
C.
Lα
D.
α/L
Answer: Option A
Solution
Answer: Option A
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