Discussion
Arrange the following in chronological order :
I. CES production function.
II. Cobb-Douglas production function
III. Tronslog production function
IV. The law of variable proportions
Answer: C
The chronological order is IV, II, I, III, option C. The law of variable proportions, of the classical economists, is the oldest. The Cobb-Douglas production function was put forward in 1928, the CES production function in 1961, and the translog production function in the early 1970s. Option A puts the translog function first and the Cobb-Douglas function last, and option B puts the law of variable proportions after the CES function. Option D has the translog function before the CES function and the law of variable proportions last, so none of them follows the dates.
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