"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 ________. "
Answer & explanation
Correct answer: option 1
The correct answer is Option 1: Cobb Douglas production function
The given function is a Cobb Douglass production function.