Which of the following statements are true regarding Cobb-Douglas production function ?
(a) It is long period production function
(b) It is short period production function
(c) It is based on increasing returns to scale
(d) Output elasticities with respect to factors are constant
Select the correct option:
1
(a) and (c)
2
(a) and (d)
3
(b) and (c)
4
(c) and (d)