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Let a Firm's Production Function Be Q=100(aL+bK)Q = 100 ( a L + b K )

Question 36

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Let a firm's production function be Q=100(aL+bK)Q = 100 ( a L + b K ) . The production function then becomes Q=500(aL+bK)Q = 500 ( a L + b K ) . Labor-saving technological progress has occurred.

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