Economics · Production and Costs
For a Cobb-Douglas production function Q = 100 L0.7 K0.3, which of the following statements is NOT true?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1It is characterized by unit elasticity of substitution
- 2It has zero elasticity of factor substitution✓
- 3It is characterized by constant returns to scale
- 4It is a linear homogenous function
Correct answer
It has zero elasticity of factor substitution
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