Cobb-douglas function

Cobb-douglas function

A popular functional form for production and utility functions. With arguments X = (X₁,. . . ,X_n), the function is F(X) = A_iX_i_i, where _i_i = 1 and A are positive constants. This function has elasticity of substitution between arguments equal to one. As a production or utility function, it has competitive expenditure shares equal to _i.

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Category: International economics
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