In this article we will discuss about the Cobb-Douglas production function. The production function is defined as technical relationship between physical quantity of inputs and physical quantity of output of any sector, agricultural sector or industrial sector. This functional relationship can be specified as follows: Y = f (X1, X2, X3............... Xn) Where Y = Physical quantity of output and [...]
The below mentioned article provides a study note on the supply response function. Linear Supply Response Function: In the field of agriculture, a large number of empirical studies are carried out using time series data to know the responsiveness of the area [acreage] under the crop [Supply] to the changes in the prices in lagged year. This is known as [...]
The below mentioned article provides a study note on the cost function. Economies and Diseconomies of Scale: The behavior of long run average total cost to the changes in scale [by increasing all inputs to raise the level of output of the firm] can be studied by estimating the economies and dis-economies of scale. The economies of scale in total [...]