When Cobb-Douglas production function is Q= A what will be total production when total factor productivity is 8, L=25, K=64.
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JNU SSS 2021 Question 5: Production and returns to scale
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When Cobb-Douglas production function is Q= A L⁰·⁵K⁰·⁵ what will be total production when total factor productivity is 8, L=25, K=64. (A) 340 (B) 320 (C) 623 (D) 420
Also written as: When Cobb-Douglas production function is Q= A L^(0.5)K^(0.5) what will be total production when total factor productivity is 8, L=25, K=64.
Production and returns to scale has come up 92 times in 6 exams since 2007.
What this question tests
This question is on Production function, marginal and average product, part of Production and returns to scale in Microeconomics.
How output depends on inputs, and the law of diminishing returns to a variable factor.
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