Economics · Production Function
Assertion (A): Isoquant curves of the Cobb-Douglas production function are convex to the origin. Reason (R): Unit elasticity of factor substitution in the Cobb-Douglas production function lies between infinite substitution elasticity for perfect substitutes and zero substitution elasticity for perfect complements.
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- 1Both (A) and (R) are correct but (R) is not the correct explanation of (A)✓
- 2Both (A) and (R) are correct and (R) is the correct explanation of (A)
- 3(A) is incorrect, but (R) is correct
- 4(A) is correct, but (R) is incorrect
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Both (A) and (R) are correct but (R) is not the correct explanation of (A)
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