The production function has this property:
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1 mark, −0.33MicroeconomicsProduction and returns to scaleProduction functions and the elasticity of substitutionModerateabout 1 min
UoH 2020 Question 31: Production and returns to scale
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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.
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