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Managerial Economics, Quiz 1

January 2024 term, 25 Feb 2024, Set QDB2

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Question 1

+1−0Single correct

The Cobb-Douglas production function F(K, L)=K^(p)L^(q)

Select one option

A.
Shows only constant returns to scale
B.
Shows Increasing, decreasing or constant returns to scale based on the value of p+q
C.
Has constant marginal product of labour
D.
Has constant marginal product of capital

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The Cobb-Douglas production function **F(K, L)=K^(p)L^(q)** When one is not able to compare two goods and is confused about which one to choose, his preference violates When a person prefers Mango to Apple, Apple to Guava and Guava to Mango, his preference violates