Economics · Theory of Production
In the standard Cobb-Douglas production function Q=AL α K β , what does the parameter 'A' represent?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Total Factor Productivity or Efficiency parameter✓
- 2Output elasticity of capital
- 3Output elasticity of labor
- 4Elasticity of substitution
Correct answer
Total Factor Productivity or Efficiency parameter
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