Some basic microeconomic concepts applied to a Cobb-Douglas utility function.
is there any diffrence between cobb douglas utility function and production function.help
81 days 14 hours 55 minutes ago
Mathematically there is no difference at all. Economically, interpretation is different between though. In the case of a utility function, the function is just an index to rank bundles. In the production function, the function represents definite quantities of output given some quantities of inputs.
81 days 6 hours 39 minutes ago
Add a comment
Sign up and browse through relevant courses.
The Crowning Gem - Powers, Roots and Solution of Polynomial Equations
Learn Micro Economics
A Crash Course in Linear Algebra for Competitive Exams