Cobb–Douglas production function
GPTKB entity
Statements (31)
| Predicate | Object |
|---|---|
| gptkbp:instanceOf |
Production function
|
| gptkbp:application |
gptkb:Microeconomics
gptkb:Macroeconomics Empirical production analysis Growth theory |
| gptkbp:assumes |
Factors are substitutable
Technology is exogenous |
| gptkbp:category |
gptkb:Mathematical_economics
gptkb:Production_economics |
| gptkbp:field |
gptkb:Production_theory
Economics |
| gptkbp:form |
Y = A * L^α * K^β
|
| gptkbp:generalizes |
gptkb:CES_production_function
Linear production function |
| https://www.w3.org/2000/01/rdf-schema#label |
Cobb–Douglas production function
|
| gptkbp:introducedIn |
1928
|
| gptkbp:namedAfter |
gptkb:Paul_Douglas
gptkb:Charles_Cobb |
| gptkbp:property |
Constant returns to scale if α + β = 1
Diminishing marginal returns |
| gptkbp:usedIn |
gptkb:Solow–Swan_model
gptkb:Neoclassical_growth_model |
| gptkbp:variant |
A (total factor productivity)
K (capital input) L (labor input) Y (output) α (output elasticity of labor) β (output elasticity of capital) |
| gptkbp:bfsParent |
gptkb:Paul_H._Douglas
gptkb:Solow–Swan_model |
| gptkbp:bfsLayer |
6
|