Economics · Production Functions
Which of the following statements is NOT true for a standard Cobb-Douglas Production Function?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1It can be represented as X = b0Lb1Kb2
- 2It exhibits constant returns to scale when b1 + b2 = 1
- 3Euler's theorem is satisfied
- 4The elasticity of substitution is greater than one✓
Correct answer
The elasticity of substitution is greater than one
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