Economics · Production and Costs
In the Cobb-Douglas production function Q=AL α K β , what do the exponents α and β represent?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Prices of inputs labor and capital
- 2Average revenue and average cost
- 3Marginal revenue and marginal cost
- 4Output elasticities of labor and capital respectively✓
Correct answer
Output elasticities of labor and capital respectively
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