2. Consider the Cobb-Douglas production function q=30x²/3³/10 where r represents the number of units of capital and y re

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2 Consider The Cobb Douglas Production Function Q 30x 3 10 Where R Represents The Number Of Units Of Capital And Y Re 1 (114.86 KiB) Viewed 34 times

2. Consider the Cobb-Douglas production function q=30x²/3³/10 where r represents the number of units of capital and y represents the number of units of labour. a) Find out whether q is a strict or generalized Cobb-Douglas function. b) Check for homogeneity and returns to scale for q. c) Prove the Euler's theorem for q. d) Write down the values of the efficiency parameter, output elasticity of capital and output elasticity of labour and interpret the values.