The Following Equation Is an Example of ________ $$Y = F ( K , L ) = \bar { A } K ^ { 1 / 3 } L ^ { 2 / 3 }$$

question 21

Multiple Choice

The following equation is an example of ________: $$Y = F ( K , L ) = \bar { A } K ^ { 1 / 3 } L ^ { 2 / 3 }$$ .

• A) a growth model
• B) a utility function
• C) a consumption function
• D) the production possibilities frontier
• E) a production function

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Definitions:

Pooling

In economics, pooling is the amalgamation of resources or interests by several parties to maximize benefit or reduce risk.

Pooling

The act of grouping together resources, risks, or interests to achieve a common goal or reduce risk.

Supply Curve

A visual chart demonstrating how the price of an item correlates with the volume of that item that sellers are ready to provide.

Insurance

A financial product that transfers the risk of financial loss from an individual or business to an insurance company, in exchange for premium payments.