Question: Explain cobb douglas production function?
The Cobb-Douglas production function is a mathematical model that represents the technological relationship between the amounts of two or more inputs, particularly physical capital and labor, and the amount of output that can be produced by those inputs. It is widely used in economics and econometrics to determine the optimal output of a firm in the long run. The function takes into account the inputs of the firm, such as labor and capital, and determines the output that will maximize profits.
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