Economics · Production and Costs

In the standard Cobb-Douglas production function Q=AL α K β , what does the parameters 'A' represent?

Verified Solution4 OptionsUpdated: October 2026👁️1 View

1Capital-labor ratio
2Total factor productivity or efficiency parameter✓
3Elasticity of substitution
4Marginal product of labor

Correct answer

Total factor productivity or efficiency parameter

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In the standard Cobb-Douglas production function Q=AL α K β , what does the parameters 'A' represent?

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