Consider a Cobb-Douglas production function with three inputs. K is capital (the number of machines), L is labor (the number of

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Ronch [10]

3 years ago

10

Consider a Cobb-Douglas production function with three inputs. K is capital (the number of machines), L is labor (the number of

workers), and H is human capital (the number of college degrees among the workers). The production function is

Business

1 answer:

olga_2 [115] · Answer 1 · 2022-11-28T02:17:39+03:00

Based on the above scenario, the production function is Y=K1/3L1/3H1/3.

<h3>What is production function?</h3>

The word production function is known to be an equation that is said to be the one that shows the relationship between the quantities of productive factors (that is labor and capital) that are said to be used and also the number of product that has been obtained.

Note that from the above, the equation that stands for Cobb-Douglas production function with three inputs. K is capital (the number of machines), L is labor, and H is human capital is Y=K1/3L1/3H1/3.

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