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The Cobb-Douglas Production Function is a particular form of the Production Function.
It takes the following form:
Q(L,K) = A L^α K^β
The main benefits of the Cobb-Douglas production function are:
Plot of a Cobb-Douglas production function:
Discussion
If it is possible can someone post a real applicable example of how to calculate the elasticity of output with respect to labor and capital on Cobb Douglas function
Example function:
[1] Q=10 L^0.4 K^0.6
Output elasticity (OE) with respect to K:
[2] (∂Q/∂K) / (Q/K)
[3] (∂Q/∂K) = 10 L^0.4 0.6 K^-0.4
[4] (Q/K) = 10 L^0.4 K^-0.4
Then, the output elasticity is: [3]/[4] (notice that almost all components of [3] and [4] all the same, so they cancel each other.
[5] Output Elasticity = 0.6
Complete case example should be better.