Economics (M.Phil./Ph.D.) 2022 Panjab University Entrance Exam With Answers

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1.

For Cobb - Douglas production function Q= 100 L0.7 K0.3, which of the following is true?

A: It is a linear homogenous function
B: It is characterized by constant returns to scale
C: It is having zero elasticity of factor substitution
D: It is characterized by unit elasticity of substitution

The answer is: B

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