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Assume a production function Y = L K1– (Y = output, L = labour and K = Capital) for a firm in a purely competitive market. Which one of the following would measure the share of labour in output?

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Microeconomics is a branch of economics that analyzes market behavior of individuals and firms in order to understand their decision-making processes.


Assume a production function Y = L K1– (Y = output, L = labour and K = Capital) for a firm in a purely competitive market. Which one of the following would measure the share of labour in output?






 
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