Economics · Microeconomics
In the Cobb-Douglas production function Q=AK α L β , what do the exponents α and β not directly measure?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Returns to scale when summed together
- 2Elasticity of substitution between factors✓
- 3Relative income shares of factors
- 4Elasticity of output with respect to capital and labor
Correct answer
Elasticity of substitution between factors
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