$$\text { A production function of the form } Q = A L ^ { \alpha } K ^ { \beta } \text { is a(n): }$$
A)isoquant function
B)Cobb-Douglas production function
C)fixed-proportions function
D)perfect complements function

Question

Quizplus · Accepted Answer

The Cobb-Douglas production function is of the form $Q=A L^{\alpha}K^{\beta}$ where $L$ and $K$ are inputs and $A$, $\alpha$, and $\beta$ are parameters. This production function is widely used in economics to describe the relationship between inputs and output in a production process. Its properties make it a popular choice for modeling production processes, and it is frequently used in empirical research. The production function Q = A L ^ { α } K ^ { β } is a Cobb-Douglas production function, which is a widely used function in economics to represent the relationship between inputs (such as labor and capital) and output (such as goods and services). It has the property of exhibiting constant returns to scale, meaning that if both inputs are increased by a certain proportion, output will increase by the same proportion.

A production function of the form Q=ALαKβ is a(n): \text { A production function of the form } Q = A L ^ { \alpha } K ^ { \beta } \text { is a(n): } A production function of the form Q=ALαKβ is a(n):

$\text { A production function of the form } Q = A L ^ { \alpha } K ^ { \beta } \text { is a(n): }$