Some basic microeconomic concepts applied to a Cobb-Douglas utility function.
is there any diffrence between cobb douglas utility function and production function.help
160 days 22 hours 1 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.
160 days 13 hours 45 minutes ago
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