Economics · Microeconomics
Suppose the initial production function for a commodity is given by Q = L + K. If a labour-saving (capital-augmenting) technical change occurs, which of the following could represent the new production function?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Q = 5L + 5K
- 2Q = 5(L + K)
- 3Q = 5L + K
- 4Q = L + 5K✓
Correct answer
Q = L + 5K
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