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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.
One of the most commonly used Cobb-Douglas Production Functions is given by: (4.23) Y = A ⁎ K α L 1 − α. where: Y = value-added output; A = technological knowledge; K = capital (input); L = labor (input); and. α = a parameter to be estimated. Returns to Scale.
the key characteristics of a Cobb Douglas type of production function is that the specific corresponding dual cost function can be derived by making use of the first order optimization conditions along the expansion path. Examples of constrained output or revenue maximization problems using a Cobb Douglas type of function are included.
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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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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.
10 de abr. de 2019 · Learn what a Cobb-Douglas production function is, how it relates capital and labor inputs to output, and why it is used in economics. Find out the equation, the elements, and the criticisms of this theory.
