Q816
A production function expressed as Q = A [αK-β + (1 - α)L-β]-1/β Or Q = A [αL-β + (1 - α)K-β]-1/β When A > 0, 0 -1 Where L = labour, K = Capital and A, α and β are three parameters is called
A.
Constant elasticity substitution function
AnswerB.
Variable elasticity substitution function
C.
Leontief-type function
D.
Cobb - Douglas function
Answer: Option A
Solution
Answer: Option A
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