The Cobb Douglas production function is named after American economists Charles Cobb and Paul Douglas. They introduced this production function in 1928 in a paper published in the American Economic…
The production of all goods and services is carried out using certain inputs. These inputs include the labour, capital and raw materials used in producing the given good or service.…
All factors of production are variable in the long run. Moreover, technology does not remain constant in the long run. Research, development and technical progress in production can have a…
In the short run, capital is a fixed factor of production and only labour can be varied by firms to change output. The Law of Variable Proportions holds in the…
Production can be defined as the process by which inputs are used to make outputs. Inputs, also known as factors of production, include resources such as labour, capital and raw…
