Answer to Question #232054 in Economics of Enterprise for Walelign Amenu

Question

Suppose the production(Y) is determined as a function of labor input in hours (L) and capital input in machine hours (K). Using the Cobb-Douglas function:

Y= β0 + β1K ^β₁ + e^k

Write the procedure to estimate the coefficients of this function.

Answer 1

Dear Walelign Amenu, your question requires a lot of work, which neither of our experts is ready to perform for free. We advise you to convert it to a fully qualified order and we will try to help you. Please click the link below to proceed: Submit order