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Questions › CUET-PG › CUET-PG 2025 › Q70
4 marks, −1Microeconomics › Production and returns to scale › Production functions and the elasticity of substitutionHardabout 1 min

CUET-PG 2025 Question 70: Production and returns to scale

Match List-I (Types of Production Functions) with List-II (Their Functional Forms): List-I: (A) Translog Production Function; (B) Generalised Leontief Production Function; (C) Cobb Douglas Production Function; (D) Constant Elasticity of Substitution Production Function. List-II: (I) q=∏i=1nxiαiq = \prod_{i=1}^{n} x_i^{\alpha_i}q=∏i=1n​xiαi​​; (II) q=[∑αixiρ]ε/ρ,ρ≤1q = [\sum \alpha_i x_i^{\rho}]^{\varepsilon/\rho}, \rho \le 1q=[∑αi​xiρ​]ε/ρ,ρ≤1; (III) q=∑i∑jαijxixjq = \sum_i \sum_j \alpha_{ij}\sqrt{x_i x_j}q=∑i​∑j​αij​xi​xj​​, where αij=αji\alpha_{ij}=\alpha_{ji}αij​=αji​; (IV) ln⁡q=α0+∑αiln⁡xi+0.5∑i∑jαijln⁡xiln⁡xj\ln q = \alpha_0 + \sum \alpha_i \ln x_i + 0.5\sum_i\sum_j \alpha_{ij}\ln x_i \ln x_jlnq=α0​+∑αi​lnxi​+0.5∑i​∑j​αij​lnxi​lnxj​, where αij=αji\alpha_{ij}=\alpha_{ji}αij​=αji​.

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Match List-I (Types of Production Functions) with List-II (Their Functional Forms): List-I: (A) Translog Production Function; (B) Generalised Leontief Production Function; (C) Cobb Douglas Production Function; (D) Constant Elasticity of Substitution Production Function. List-II: (I) q = Πᵢ₌₁ⁿ xᵢ^(αᵢ); (II) q = [Σ αᵢ xᵢ^ρ]^(ε/ρ), ρ ≤ 1; (III) q = Σᵢ Σⱼ αᵢⱼ√(xᵢ xⱼ), where αᵢⱼ=αⱼᵢ; (IV) ln q = α₀ + Σ αᵢ ln xᵢ + 0.5ΣᵢΣⱼ αᵢⱼln xᵢ ln xⱼ, where αᵢⱼ=αⱼᵢ. (A) (A)-(II), (B)-(I), (C)-(III), (D)-(IV) (B) (A)-(III), (B)-(II), (C)-(I), (D)-(IV) (C) (A)-(IV), (B)-(III), (C)-(I), (D)-(II) (D) (A)-(III), (B)-(IV), (C)-(I), (D)-(II)

Also written as: Match List-I (Types of Production Functions) with List-II (Their Functional Forms): List-I: (A) Translog Production Function; (B) Generalised Leontief Production Function; (C) Cobb Douglas Production Function; (D) Constant Elasticity of Substitution Production Function. List-II: (I) q = prod_(i=1)^n x_i^(alpha_i); (II) q = [ sum alpha_i x_i^(rho)]^(epsilon/rho), rho <= 1; (III) q = sum_i sum_j alpha_(ij)sqrt(x_i x_j), where alpha_(ij)=alpha_(ji); (IV) ln q = alpha_0 + sum alpha_i ln x_i + 0.5 sum_i sum_j alpha_(ij)ln x_i ln x_j, where alpha_(ij)=alpha_(ji).

Production and returns to scale has come up 92 times in 6 exams since 2007.

What this question tests

This question is on Production functions and the elasticity of substitution, part of Production and returns to scale in Microeconomics.

Cobb-Douglas, CES and fixed-proportions technologies, and how easily inputs substitute.

TestStop has 16 past-paper questions on this subtopic; the nearest in year are below.

  • IIT JAM 2022 · Q23Let a production function be log Q = β/αlog (L^α + K^α), where α ∈ (-∞, 1] - {0} and β > 0. Identify the…
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