CA Foundation Exam > CA Foundation Questions > In Cobb-Douglas production function, two inpu...
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In Cobb-Douglas production function, two inputs are
- a)Land and Labour
- b)Labour and Capital
- c)Capital and Entrepreneur
- d)Entrepreneur and land
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
In Cobb-Douglas production function, two inputs area)Land and Labourb)...
Explanation:
The Cobb-Douglas production function is a mathematical function that describes the relationship between the inputs and outputs of a production process. It is widely used in economics to model the production of goods and services.
The production function is represented as:
Q = A * L^α * K^β
Where:
- Q is the quantity of output produced
- L is the quantity of labor input used
- K is the quantity of capital input used
- A is a constant factor representing the level of technology
- α and β are the output elasticities of labor and capital, respectively
Inputs in Cobb-Douglas Production Function:
The two inputs in the Cobb-Douglas production function are:
1. Labour: It is the amount of human effort used in the production process. The more labor input used, the more output produced.
2. Capital: It is the amount of physical and financial resources used in the production process. The more capital input used, the more output produced.
Conclusion:
In conclusion, the Cobb-Douglas production function uses labor and capital as its inputs to model the production process. It assumes that the output produced is a function of the level of technology, the amount of labor input used, and the amount of capital input used. The function is widely used in economics to analyze the relationship between inputs and outputs in the production of goods and services.
The Cobb-Douglas production function is a mathematical function that describes the relationship between the inputs and outputs of a production process. It is widely used in economics to model the production of goods and services.
The production function is represented as:
Q = A * L^α * K^β
Where:
- Q is the quantity of output produced
- L is the quantity of labor input used
- K is the quantity of capital input used
- A is a constant factor representing the level of technology
- α and β are the output elasticities of labor and capital, respectively
Inputs in Cobb-Douglas Production Function:
The two inputs in the Cobb-Douglas production function are:
1. Labour: It is the amount of human effort used in the production process. The more labor input used, the more output produced.
2. Capital: It is the amount of physical and financial resources used in the production process. The more capital input used, the more output produced.
Conclusion:
In conclusion, the Cobb-Douglas production function uses labor and capital as its inputs to model the production process. It assumes that the output produced is a function of the level of technology, the amount of labor input used, and the amount of capital input used. The function is widely used in economics to analyze the relationship between inputs and outputs in the production of goods and services.
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Community Answer
In Cobb-Douglas production function, two inputs area)Land and Labourb)...
According to COBB-DOUGLAS production function =Q=KL^aC^1-a where Q= output, K and a =positive constant L=Qty of labor and C=Qty of Capital so answer is b) Labour and capital
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In Cobb-Douglas production function, two inputs area)Land and Labourb)Labour and Capitalc)Capital and Entrepreneurd)Entrepreneur and landCorrect answer is option 'B'. Can you explain this answer?
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In Cobb-Douglas production function, two inputs area)Land and Labourb)Labour and Capitalc)Capital and Entrepreneurd)Entrepreneur and landCorrect answer is option 'B'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about In Cobb-Douglas production function, two inputs area)Land and Labourb)Labour and Capitalc)Capital and Entrepreneurd)Entrepreneur and landCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for In Cobb-Douglas production function, two inputs area)Land and Labourb)Labour and Capitalc)Capital and Entrepreneurd)Entrepreneur and landCorrect answer is option 'B'. Can you explain this answer?.
In Cobb-Douglas production function, two inputs area)Land and Labourb)Labour and Capitalc)Capital and Entrepreneurd)Entrepreneur and landCorrect answer is option 'B'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about In Cobb-Douglas production function, two inputs area)Land and Labourb)Labour and Capitalc)Capital and Entrepreneurd)Entrepreneur and landCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for In Cobb-Douglas production function, two inputs area)Land and Labourb)Labour and Capitalc)Capital and Entrepreneurd)Entrepreneur and landCorrect answer is option 'B'. Can you explain this answer?.
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