If the Production Function Is $Y = K ^ { 1 / 3 } L ^ { 2 / 3 }$

question 43

True/False

If the production function is $Y = K ^ { 1 / 3 } L ^ { 2 / 3 }$
, then in per worker terms, it can be written as $y = K ^ { 1 / 3 } / L$
.

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Definitions:

Economies of Scope

Cost advantages that a business achieves by providing a variety of products rather than specializing in a single product or service.

Economies of Scope

Cost advantages that enterprises obtain through the diversification of production, by producing multiple products using the same operations or inputs.

Diversification Strategies

Business approaches to entering new markets or industries to reduce reliance on a single market or product line.

Economies of Scale

The cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale.