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What is Cobb-Douglas production function?

Asked by Topperlearning User 25th April 2016, 1:04 PM
Answered by Expert

Assume that the firm is producing q amount of output by using x1 amount of factor input 1 and x2 amount of factor input 2. Then, the production function is as follows:

q= x1α x2β , where α and β are constants

This is called Cobb-Douglas production function.

Answered by Expert 25th April 2016, 3:04 PM
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