Cobb-Douglas Production Function

Cobb-Douglas Production Function

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Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. In economics, the Cobb-Douglas functional form of production functions is widely used to represent the relationship of an output to inputs. Similar functions were originally used by Knut Wicksell (1851-1926), while the Cobb-Douglas form was developed and tested against statistical evidence by Charles Cobb and Paul Douglas during 1900-1947.Output elasticity measures the responsiveness of output to a change in levels of either labor or capital used in production, ceteris paribus. For example if = 0.15, a 1% increase in labor would lead to approximately a 0.15% increase in output.show more

Product details

  • Paperback | 72 pages
  • 152 x 229 x 4mm | 118g
  • Tract
  • United States
  • English
  • black & white illustrations
  • 613616535X
  • 9786136165356