Target Exam

CUET

Subject

Economics

Chapter

Micro Economics: Production and Costs

Question:

"Consider a production function Q = x1α x2ᵝ , where α and ß are constants. The firm produces q amount of output using x1 amount of factor 1 and x2 amount of factor 2. This is called ________. "

Options:

Cobb Douglas production function

Engel production function

Cost function

Law of variable Proportion

Correct Answer:

Cobb Douglas production function

Explanation:

The correct answer is Option 1: Cobb Douglas production function

The given function is a Cobb Douglass production function.