Consider the CES Production Function $Q = \left[ 3 L ^ { 67 } + 3 K ^ { 67 } \right] ^ { 15 }$

question 56

Multiple Choice

Consider the CES production function $Q = \left[ 3 L ^ { 67 } + 3 K ^ { 67 } \right] ^ { 15 }$ . The elasticity of substitution is

• A) 0.3
• B) 1.5
• C) 0.67
• D) 3.00

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Definitions:

Energized

Describes an electrical component that is carrying current or a system that is under power.

Disc/drum Hydraulic Brake

A type of brake system that uses hydraulic fluid to press brake pads against a disc or shoes against a drum to slow or stop a vehicle.

Metering Valve

Used on vehicles equipped with hydraulic front disc and rear drum brakes to improve brake balance; holds off application pressure to front brakes until pressure builds in the hydraulic circuit to move the rear shoes into contact with the brake drums.

Proportioning Valve

A hydraulic brake valve used on vehicles equipped with front disc and rear drum brake. Its function is to reduce application pressure to the rear drum brakes to prevent premature lockup under severe braking.