Solved

Suppose the Current Level of Output Is 5000,and the Elasticity

Question 72

Multiple Choice

Suppose the current level of output is 5000,and the elasticity of output with respect to labour is 0.7.A 10% increase in labour would increase the current level of output to


A) 5035.
B) 5070.
C) 5350.
D) 5700.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q14: Suppose the current level of output is

Q67: The major source of economic growth is<br>A)capital.<br>B)labour.<br>C)technology.<br>D)all

Q68: Government policy can improve the long-run economic

Q69: The fact that countries' GDP per capita

Q70: According to the endogenous growth theory,<br>A)the primary

Q71: The elasticity of output with respect to

Q73: What is the empirical evidence on whether

Q75: In a steady-state economy,<br>A)the total capital stock

Q76: The explanations for why the marginal productivity

Q77: Total factor productivity growth is that part