The production function $Y = K ^ { 1 / 3 } L ^ { 2 / 3 }$ describes:
A) how any amount of capital and labor can be combined to generate output
B) how particular amounts of capital and labor can be combined to generate output
C) how any amount of capital and a particular amount of labor can be combined to generate output
D) how any amount of labor and a particular amount of capital can be combined to generate output
E) None of these answers are correct.

Question

Quizplus · Accepted Answer

The production function $Y = K ^ { 1 / 3 } L ^ { 2 / 3 }$ shows how varying amounts of capital (K) and labor (L) can be combined to produce output (Y), indicating flexibility in the combination of inputs.

The Production Function Y=K1/3L2/3Y = K ^ { 1 / 3 } L ^ { 2 / 3 }Y=K1/3L2/3

The Production Function $Y = K ^ { 1 / 3 } L ^ { 2 / 3 }$