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Consider the CES Production Function $Q = \left[ a L ^ { \frac { \sigma - 1 } { \sigma } } + b K ^ { \frac { \sigma - 1 } { \sigma } } \right] ^ { \frac { \sigma } { \sigma - 1 } }$

question 2

Multiple Choice

Consider the CES production function $Q = \left[ a L ^ { \frac { \sigma - 1 } { \sigma } } + b K ^ { \frac { \sigma - 1 } { \sigma } } \right] ^ { \frac { \sigma } { \sigma - 1 } }$ . This production function exhibits:

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Consider the CES Production Function Q=[aLσ−1σ+bKσ−1σ]σσ−1Q = \left[ a L ^ { \frac { \sigma - 1 } { \sigma } } + b K ^ { \frac { \sigma - 1 } { \sigma } } \right] ^ { \frac { \sigma } { \sigma - 1 } }Q=[aLσσ−1​+bKσσ−1​]σ−1σ​

Definitions:

Consider the CES Production Function $Q = \left[ a L ^ { \frac { \sigma - 1 } { \sigma } } + b K ^ { \frac { \sigma - 1 } { \sigma } } \right] ^ { \frac { \sigma } { \sigma - 1 } }$