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In economics and econometrics, the Cobb–Douglas production function is a particular functional form of the production function, widely used to represent the technological relationship between the amounts of two or more inputs (particularly physical capital and labor) and the amount of output that can be produced by those inputs.
Learn the definition, formula and properties of the Cobb-Douglas production function, a special form of production function used in economics. Find out how the function relates the output, labour and capital inputs, and how it changes with the input ratio.
Learn how the Cobb–Douglas function specifies the output as a function of labor and capital inputs, and how it implies diminishing returns, constant returns to scale, and factor shares. See the data on labor share in US National Income and the implications for the Cobb–Douglas exponents.
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One of the first to estimate cost models in the electric industry was Marc Nerlove (1963), who employed the dual to the Cobb–Douglas production function, which was introduced in the seminal paper by Charles Cobb and Paul Douglas in 1928. In general, a production function summarizes the relationship among inputs and output.
A função de produção Cobb-Douglas têm certas características que a tornam muito útil ao construir modelos econômicos que representam a produção. Algumas das vantagens da função de produção Cobb-Douglas são: O produto marginal é decrescente e positiva. Elasticidade de produção é constante e igual a K α ou β de L. Retornos de escala são α + β.
To formulate the production model, we consider the Cobb–Douglas production function. Define j , m ∈ I as the location zones for jobs and inputs, respectively, and r , k ∈ K the production sectors (of the input and output products, respectively), including goods, services, and leisure.
Uma função de produção Cobb-Douglas é uma equação padrão específica que é aplicada para descrever quanta produção dois ou mais insumos produzem em um processo de produção.
