A Cobb-Douglas production function is
A) a production function for the textile industry.
B) a particular production function that fits the data well.
C) a production function applicable in the service industry.
D) the production function that Henry Ford applied in his firm.

Question

Quizplus · Accepted Answer

A Cobb-Douglas production function is a particular functional form used in economics and is widely used to model production processes in which multiple inputs are used to produce products. It includes two or more inputs and an exponent for each input, with constants determining how the inputs are combined.

A Cobb-Douglas Production Function Is