Which of the following is (are) example(s) of production functions?
I. Q = 56K + 18L
II. Q = 2K^0.8L^0.2
III. Q = KL

Question

Which of the following is (are) example(s) of production functions? I. Q = 56K + 18L II. Q = 2K^0.8L^0.2 III. Q = KL A) II and III B) I, II, and III C) II D) I

Quizplus · Accepted Answer

Production functions describe the output of a production process given quantities of inputs. All three options (I, II, III) represent mathematical relationships between inputs (like capital K, labor L) and output Q, thus they are examples of production functions.

Which of the Following Is (Are) Example(s) of Production Functions