The Original Cobb-Douglas Function Was Given As $\mathrm { Q } = \alpha \mathrm { L } ^ { \rho } \mathrm { L } ^ { 1 - \rho }$

question 11

Multiple Choice

The original Cobb-Douglas function was given as $\mathrm { Q } = \alpha \mathrm { L } ^ { \rho } \mathrm { L } ^ { 1 - \rho }$ .It was subsequently rewritten as $\mathrm { Q } = \alpha \mathrm { L } ^ { \rho 1 } \mathrm {~K} ^ { \rho2}$ .What benefit was derived in the revision?

• A) the function becomes a non-linear relationship so it would fit to production curves having an "S" shape
• B) returns to scale can be shown in the revision
• C) returns to scale become constant
• D) a and b only
• E) a,b,and c

Understand RFID technology, its applications, and its advantages over traditional tracking methods like barcodes.

Recognize the characteristics and benefits of QR codes compared to other forms of data storage.

Comprehend the principles of mobile technology customization and its importance in user experience.

Differentiate between various forms of wireless technology and their specific uses in personal and business contexts.

---

Definitions:

Commodity

A basic good used in commerce that is interchangeable with other goods of the same type.

Biopiracy

The practice of commercially exploiting naturally occurring genetic material or biochemical without fair compensation to the indigenous peoples or countries from which they originate.

Multinational Corporations

Large companies that operate in multiple countries, managing production or delivering services in more than one country outside of their home base.

Recombinant DNA

DNA molecules formed by laboratory methods of genetic recombination to bring together genetic material from multiple sources.