Teaching UGC NET Mock Test Series 2025 (Paper 1 & 2) General Knowledge Economy

For the function Q = AKα Lβ , which of the following is correct?

1
The degree of homogeneity is 1
2
Elasticity of substitution is equal to α + β
3
Output elasticity with respect to capital is α
4
Marginal product of a factor = Average product of the factor
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