The following equation is an example of ________: $$Y = F ( K , L ) = \bar { A } K ^ { a } L ^ { 1 - a }$$ .
A) a consumption function
B) a utility function
C) a production function
D) the production possibilities frontier
E) a growth model

Question

Quizplus · Accepted Answer

This equation represents a Cobb-Douglas production function, which describes the output (Y) as a function of capital (K) and labor (L), with constant returns to scale parameters.

The Following Equation Is an Example of ________ Y=F(K,L)=AˉKaL1−aY = F ( K , L ) = \bar { A } K ^ { a } L ^ { 1 - a }Y=F(K,L)=AˉKaL1−a

The Following Equation Is an Example of ________ $Y = F ( K , L ) = \bar { A } K ^ { a } L ^ { 1 - a }$