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Cobb–Douglas Production Function

Cobb–Douglas Production Function

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Published by saif09876

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Categories:Types, Business/Law
Published by: saif09876 on Sep 03, 2010
Copyright:Attribution Non-commercial

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05/12/2014

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CobbCobb²  ²Douglas PDouglas Productionroduction FunctionFunction
 
HistoryHistory
y
Developed by PaulDouglas and C. W.Cobb in the 1930·s
y
Widely used torepresent therelationship of anoutput to inputs.
 
T
he General Form
T
he General Form
Y
=
 AL
Where:
y
=
total production (the monetary value of allgoods produced in a year)
y
L
=
 laborinput
y
=
 capitalinput
y
A
=
 total factor productivity
y
and
are theoutput elasticitiesof labor andcapital, respectively.
T
hese values are constantsdetermined by available technology.

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