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…
