The equation y $K \mathrm{X}^{\alpha} \text { capital } \mathrm{X}^{\beta} \text { labor }$ is the algebraic for which production function?
A) Leontief
B) Cobb-Douglas
C) short-run

Question

Quizplus · Accepted Answer

The equation y $K \mathrm{X}^{\alpha} \text { capital } \mathrm{X}^{\beta} \text { labor }$ is the algebraic form of the Cobb-Douglas production function, which shows how the output (y) is related to the input factors of capital (K) and labor (X) raised to certain powers (α and β, respectively). Leontief production function has a fixed proportion of inputs, while short-run is a time period concept and not related to a specific production function.

The Equation Y KXα capital Xβ labor K \mathrm{X}^{\alpha} \text { capital } \mathrm{X}^{\beta} \text { labor }KXα capital Xβ labor

The Equation Y $K \mathrm{X}^{\alpha} \text { capital } \mathrm{X}^{\beta} \text { labor }$