Question3. Suppose production function is given by $f(k, l)=k^{\frac{2}{3}} l^{\frac{2}{3}}$, then the elasticity of substitution is (a) 2 (b) 1 (c) $\frac{4}{3}$ (d) 0

Studdy Solution
Determine the elasticity of substitution based on the property. Since the given production function is Cobb-Douglas, the elasticity of substitution is:
$$\boxed{1}$$
The elasticity of substitution is $\boxed{1}$, corresponding to option (b).