I. Production and Cost: One Variable Input 1. True/ False 1. If marginal product is decreasing, then average product must also be decreasing. 2. For a fixed-proportion technology, inputs cannot be ...

The paper develops a methodology based on the production-function approach to estimate potential output of the Polish economy. The paper concentrates on obtaining a robust estimate of the labor input ...

In this paper we consider the specification and estimation of the Cobb-Douglas production function model. After reviewing the "traditional" specifying assumptions for the model which are based on ...

The labor share has been declining in the United States, and especially so in manufacturing. This paper investigates the role of capital accumulation and market power in explaining this decline. I ...

Kaldor put forward his technical progress function as an alternative to the neoclassical aggregate production function. It is shown that Verdoorn's law is its empirical counterpart, although allowing ...