Economics · Microeconomics
For the Cobb-Douglas production function Q = AKαLβ, where A, α, β > 0, which of the following statements is/are uniquely correct without any additional assumptions? A. Degree of homogeneity is 1 B. Output elasticity with respect to capital is α C. It exhibits constant returns to scale D. Marginal product of a factor = Average product of the factor Choose the correct answer from the options given below:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1B Only✓
- 2B and D Only
- 3B and C Only
- 4A and B Only
Correct answer
B Only
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