Question

What are variour types of prodn function?

Answer 1

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1. Cobb-Douglas Production Function:
Cobb-Douglas production function refers to the production function in which one input can be substituted by other but to a limited extent. For example, capital and labor can be used as a substitute of each other, but to a limited extent only.
2. Leontief Production Function:

Leontief production function uses fixed proportion of inputs having no substitutability between them. It is regarded as the limiting case for constant elasticity of substitution.

3. CES Production Function:

CES stands for constant elasticity substitution. CES production function shows a constant change produced in the output due to change in input of production.


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Answer 2

there are three types of functions
1. Cobb-Douglas Production Function

2. Leontief Production Function


3. CES Production Function


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