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What would be the production function if Q requires 2 units of L in the question below? Would it make a difference if K and
What would be the production function if Q requires 2 units of L in the question below? Would it make a difference if K and L are complements instead of substitutes?
Question:
What is the production function if L and K are perfect substitutes and each unit of Q requires 1 unit of L or 1 unit of K (or
a combination of these inputs that adds up to 1)?
Select one:
a. Q=K+L - correct
b. Q=2K+1L
c. Q=k
d. Q=K+2L
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