Economics · Production and Costs
In the Cobb-Douglas production function Q=AK α L β , the exponents α and β represent the:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Total revenue shares of factors
- 2Average product of capital and labour respectively
- 3Marginal cost of capital and labour respectively
- 4Output elasticities of capital and labour respectively✓
Correct answer
Output elasticities of capital and labour respectively
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