When a Production Function Can Be Expressed As $$Q = ( a K ) ( b L )$$

question 98

Multiple Choice

When a production function can be expressed as $$Q = ( a K ) ( b L )$$ the relationship between capital and labor in the production function is that:

• A)capital and labor are perfect substitutes, and the isoquants are linear.
• B)capital and labor must be combined in fixed proportions, and the isoquants are L-shaped.
• C)capital and labor are substitutable, and the isoquants are convex to the origin.
• D)capital and labor are perfect substitutes, and the isoquants are L-shaped.

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Definitions:

Motivation

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Cost-efficiency Measure

The practice of reducing business expenses to achieve maximum efficiency and effectiveness.