Economics · Microeconomics
In the Cobb-Douglas production function Q = AKaLb, where 'a' and 'b' represent output elasticities of capital and labour respectively, if a + b > 1, the production process exhibits:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Zero returns to scale
- 2Constant returns to scale
- 3Decreasing returns to scale
- 4Increasing returns to scale✓
Correct answer
Increasing returns to scale
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