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6:58
Study.com
Ronald Price
Cobb-Douglas Production Function | Formula, Equation & Example
Learn the definition of a production function in economics, understand the definition of a Cobb-Douglas production function and its formula, and explore some examples of Cobb-Douglas production function.
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Top videos
Cobb-Douglas production function During the 1920 s, Charles Cobb and Paul Douglas modeled total production output P (of a firm, industry, or entire economy) as a function of labor hours involved x and capital invested y (which includes the monetary worth of all buildings and equipment). The Cobb-Douglas production function is given by P(x, y)=k x^α y^1-α where k and αare constants representative of a particular firm or economy. a. Show that a doubling of both labor and capital results in a dou
numerade.com
May 20, 2020
Show that the Cobb-Douglas function, from Section 2.12,Y=F(K, L... | Filo
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5 months ago
Match each Cobb-Douglas production function (a)-(c) with a graph in Figure 12.71 and a statement (D)-(G). A. F(L, K)=L^025 K^0.25 B. F(L, K)=L^as K^05 C. F(L, K)=L^075 K^275 D. Tripling each input triples output. E. Quadrupling each input doubles output. G. Doubling each input almost triples output. (FIGURE CANNOT COPY) | Numerade
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