adunya wayesa
Mar 16
What is coubdaglas production function ?
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Mar 16
The Cobb-Douglas production function is a mathematical representation of the relationship between inputs (such as labor and capital) and outputs (such as goods and services) in a production process. It is named after economists Charles Cobb and Paul Douglas, who first introduced the function in the 1920s.
The general form of the Cobb-Douglas production function is:
Y = A * (L^α) * (K^β)
Where:
- Y is the total output
- A is the total factor productivity
- L is the quantity of labor input
- K is the quantity of capital input
- α and β are the output elasticities of labor and capital, respectively
The Cobb-Douglas production function is widely used in economics to analyze the relationship between inputs and outputs in production processes. It is often used to study the effects of changes in labor and capital inputs on total output, as well as to analyze the impact of technological progress on productivity.
The general form of the Cobb-Douglas production function is:
Y = A * (L^α) * (K^β)
Where:
- Y is the total output
- A is the total factor productivity
- L is the quantity of labor input
- K is the quantity of capital input
- α and β are the output elasticities of labor and capital, respectively
The Cobb-Douglas production function is widely used in economics to analyze the relationship between inputs and outputs in production processes. It is often used to study the effects of changes in labor and capital inputs on total output, as well as to analyze the impact of technological progress on productivity.
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