Given below are two statements - one is labelled as Assertion (A) and the other is labelled as Reason (R):
Assertion (A) : CES production function covers large class of production functions
Reasons (R) : CES production function has the property of constancy of elasticity of factor substitution
In the light of the above two statements choose the correct option :
1
Both (A) and (R) are true and (R) is correct explanation of (A)
2
Both (A) and (R) are true and (R) is not correct explanation of (A)
3
(A) is true but (R) is false
4
(A) is false but (R) is true