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Author Question: The unfunded nature of the Social Security system has no effect on investment. a. True b. ... (Read 54 times)

asmith134

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on: Jul 1, 2018
The unfunded nature of the Social Security system has no effect on investment.
 
  a. True b. False

Question 2

Determine the output expansion path (equation) for a Cobb-Douglas production function f(L,K) = 10LaK1-a. How does the shape of the output expansion path change as a changes?
 
  What will be an ideal response?


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shoemake

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Reply #1 on: Jul 1, 2018
Answer to Question 1

b

Answer to Question 2

Using the MRTS = w/r:
aK/(1 - a)L = w/r K/L = (1 - a)w/ar
As a increases, the output path gets flatter.


asmith134

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Reply 2 on: Jul 1, 2018
Great answer, keep it coming :)

diana chang

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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