Economics · Production Functions
Which among the following production functions is/are homogeneous production function(s) of degree one? (a) Q = A · Lα · K1-α (b) Q = aL2 + bK2cL + dK
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Both (a) and (b)✓
- 2Neither (a) nor (b)
- 3Only (b)
- 4Only (a)
Correct answer
Both (a) and (b)
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