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Questions › UoH › UoH 2018 › Q28
1 mark, −0.33Microeconomics › Production and returns to scale › Production functions and the elasticity of substitutionModerateabout 1 min

UoH 2018 Question 28: Production and returns to scale

How the following production functions differ from each other? Q=f(L,K)=0.68 L0.64K0.26Q = f(L, K) = 0.68\,L^{0.64} K^{0.26}Q=f(L,K)=0.68L0.64K0.26 Q=f(L,K)=0.42 L0.64K0.26Q = f(L, K) = 0.42\,L^{0.64} K^{0.26}Q=f(L,K)=0.42L0.64K0.26

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How the following production functions differ from each other? Q = f(L, K) = 0.68 L⁰·⁶⁴ K⁰·²⁶ Q = f(L, K) = 0.42 L⁰·⁶⁴ K⁰·²⁶ (A) in terms of Inputs (B) in terms of Factor intensity (C) in terms of Efficiency of production (D) in terms of Returns to scale

Also written as: How the following production functions differ from each other? Q = f(L, K) = 0.68 L^(0.64) K^(0.26) Q = f(L, K) = 0.42 L^(0.64) K^(0.26)

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…
Practise Production and returns to scaleMore on Production functions and the elasticity of substitution

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Question from the UoH 2018 paper. Solutions are TestStop's own. Not affiliated with or endorsed by any examination authority.