The Cobb-Douglas production function is: A) Q = aK + bL. B) Q = min {bK, cL}. C) Q = max {bK, cL}. D) Q = K^aL^b.

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Quizplus · Accepted Answer

The Cobb-Douglas production function is typically represented in a form that includes inputs raised to a power, reflecting the contributions of each input to the output. The correct choice, D, although presented in a garbled manner, is the only option that hints at a multiplicative relationship between inputs, which is characteristic of the Cobb-Douglas function. Choices A, B, and C represent linear, min, and max functions, respectively, which do not capture the essence of the Cobb-Douglas production function.

The Cobb-Douglas Production Function Is