1. The problem is to understand the production function given by $$Q = K^{0.8} L^{0.2}$$ where $Q$ is output, $K$ is capital input, and $L$ is labor input. 2. This is a Cobb-Douglas production function, commonly used in economics to represent the relationship between inputs and output. 3. The exponents $0.8$ and $0.2$ represent the output elasticities of capital and labor respectively, indicating the percentage change in output resulting from a 1% change in each input. 4. The sum of the exponents is $0.8 + 0.2 = 1.0$, which implies constant returns to scale. This means if both inputs are increased by a certain factor, output increases by the same factor. 5. To analyze or use this function, you can plug in values for $K$ and $L$ to find the output $Q$. Final answer: The production function is $$Q = K^{0.8} L^{0.2}$$ with constant returns to scale and output elasticities 0.8 for capital and 0.2 for labor.