What Is Cobb-Douglas Cost and Production and How Is It Used in the Field of Microeconomics?
The Cobb-Douglas Production Function represents the technological relationship between the total number of inputs and the total number of outputs produced by the data. The number of data can be two or more than that, basically constituting the labor and capital. The production function was named after Charles Cobb and Paul Douglas as they developed and tested it.
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The standard representation of a production form is as follows.
The total number of products= Combination of all the inputs.
Consider taking examples of two inputs, i.e. capital and labor. Hence, we can derive the formula as
Y= f(I1, I2)
Here, Y is the total number of products produced.
I1 is the first input, i.e., the capital used in the production
I2 is the second input, i.e., the labor employed in the production
However, the Cobb-Douglas cost and production assignment help represents the basic form which states that the total output of goods in a year is equal to the combination of the total factor productivity constant with all the inputs. Here the data are combined according to the power of their output elasticities.
The Cobb-Douglas cost and production homework help can explain all its features. I’ll just go for a short description.
- Returns to Scale
It represents the production of additional outputs with the proportional change in all the factors. If there are more outputs than the proportional change, then the returns to scale increases. Similarly, if there are less number of outputs than the proportional change, then the returns to scale decreases.
- Marginal Product
It is the first derivative of the Cobb-Douglas production function. It represents the change in production of the output when there is a small shift in the inputs. Here, its value is positive with an increase in data and the goods of production. Similarly, the value becomes negative if there is a decrease in the inputs and the products.
- Output Elasticity
Here, it relates to the change in percentage in the production of goods when there are variations in the data. If its value is less than one, the production function is non-elastic. However, if its value is more than one, the production capacity is elastic.
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