State the Cobb-Douglas Production Function. – InterviewSolution

1.	State the Cobb-Douglas Production Function.
Answer» The Cobb-Douglas production function was developed by Charles W.Cobb and Paul H. Douglas. Cobb-Douglas production function describes how much output can be made with capital and labour inputs. Q = AL^α K^βα Q – output, A – positive constant, K – capital, L – Labour α and β – Elasticity coefficients of outputs for the inputs, α + β = 1 denotes constant returns to scale.

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