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What Are the Shortcomings of Using the Production Model y=k1/3y = k ^ { 1 / 3 }

Question 127

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What are the shortcomings of using the production model y=k1/3y = k ^ { 1 / 3 } ? What might we include in our model to improve the fit of this simple model?

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As is demonstrated in the text, the mode...

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