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:

Photosynthesis

The process by which green plants and some other organisms use sunlight to synthesize foods from carbon dioxide and water, producing oxygen as a byproduct.

Calvin Cycle

A series of biochemical reactions taking place in the chloroplasts of photosynthetic organisms during the light-independent reactions of photosynthesis.

NADPH

A coenzyme involved in redox reactions, providing the reducing power necessary for the biosynthesis of molecules and oxidative stress protection.

ATP

Adenosine triphosphate, a molecule that carries energy within cells, crucial for cellular functions.