Economics · Microeconomics
Which of the following represents a standard linearly homogenous Cobb-Douglas production function, where Q is total output, K is capital, L is labor, and 'a' is a positive constant (0<a<1)?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Q=K+L
- 2Q=AK a L1−a✓
- 3Q=KL a+1
- 4Q=KL −1
Correct answer
Q=AK a L1−a
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