Show that the following production function has the constant elasticity of substitution: * = f(1, k) = akº (1 – a)!-o, -1/0 where x is total output obtained by using / and k units of labour and...

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Extracted text: Show that the following production function has the constant elasticity of substitution: * = f(1, k) = akº (1 – a)!-o, -1/0 where x is total output obtained by using / and k units of labour and capital respectively and a and 0 are constants.