This preview shows pages 1–2. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: Why or why not? 5 Consider a Cobb-Douglas production function with three inputs. K is capital, L is labor, and H is human capital. The production function is Y = K 1/3 L 1/3 H 1/3 (a) Derive an expression for the marginal product of labor. How does an in the amount of human capital affect the MPL? 6 (b) Derive an expression for the marginal product of human capital. How does an increase in the amount of human capital affect the marginal product of human capital?...
View Full Document