ECON 366 Notes (09.15.2008)

ECON 366 Notes (09.15.2008) - B = 1 / (1 a) Marginal...

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Econ 366 Notes Monday, September 15, 2008 Geometric series B = 1 + a + a2 + a3 + … infinity B – 1 = a + a2 + a3 + … infinity a (1 + a + a2 + …) = aB B – aB = 1 B (1 – a) = 1
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Unformatted text preview: B = 1 / (1 a) Marginal Product of Land depends on -Quantity of land used-Quantity of capital and labor used If there are more of other factors, MPL will increase...
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