The production function : q = L
aKb
(0 < a, b < 1) is called a Cobb-Douglas production
function. This function is widely used in economic research. Using the function, show the following
statement in mathematical proof:
a. If a+b=1, a doubling of K and L will double q.
b. If a+b>1, a doubling of K and L yields more than double q.
c. If a+b<1, a doubling of K and L yields less than double q.