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New Course
Concept
Cobb-Douglas Production Function
The
Cobb-Douglas Production Function
is a widely used
economic model
that describes the relationship between two or more inputs, typically
capital and labor
, and the
amount of output produced
. It assumes
constant returns to scale
and that the
elasticity of substitution
between inputs is equal to one, making it useful for analyzing the
effects of changes in input levels
on
output in an economy
.
Relevant Degrees
Economic Theory and Concepts 50%
Operational Research 30%
Price Formation and Costs 20%
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