Economics · Production and Costs
Which of the following represents the standard form of a Cobb-Douglas production function showing constant returns to scale, where Q is total output, K is capital, L is labour, and 'a' is a positive constant parameter (0<a<1)?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Q=AKL
- 2Q=AK a L1−a✓
- 3Q=AKL a+1
- 4Q=AKL −1
Correct answer
Q=AK a L1−a
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