Teal, Francis; Harding, Alan; Söderbom, Måns - Department of Economics, Oxford University - 2004
likely to affect the coefficients associated with the most flexible
inputs, such as raw materials. Further, by construction … average profits per employee and the growth of capital per employee, raw materials per
employee and indirect costs per … +++−= ,
where Y, L, K, M, E denote output, employment, physical capital, raw material and indirect costs (e.g.
electricity …