Economics · Production Function

For the Cobb-Douglas production function Q = AKαLβ, which of the following statements is correct?

Verified Solution4 OptionsUpdated: October 2026👁️1 View

1The marginal product of a factor is equal to the average product of that factor
2The output elasticity with respect to capital is α✓
3The elasticity of substitution is equal to α + β
4The degree of homogeneity is always equal to 1

Correct answer

The output elasticity with respect to capital is α

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For the Cobb-Douglas production function Q = AKαLβ, which of the following statements is correct?

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For the Cobb-Douglas production function Q = AKαLβ, which of the following statements is correct?

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