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=1nxiαi; (II) q=[∑αixiρ]ε/ρ,ρ≤1; (III) q=∑i∑jαijxixj, where αij=αji; (IV) lnq=α0+∑αilnxi+0.5∑i∑jαijlnxilnxj, where 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.
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