Cobb-Douglas Production Formula
Presentation
•
Mathematics
•
10th - 12th Grade
•
Easy
Bo Anthony
Used 1+ times
FREE Resource
8 Slides • 4 Questions
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Cobb-Douglas Production Formula
Multivariable Function Applications
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Open Ended
How are you doing today?
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Cobb-Douglas Production
Primary Use
Has been used to predict the amount of production of an item given parameters such as investment and work-hours.
***You'll learn more about this in your mini-essay at the end***
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For this formula, x represents "work hours" and y represent "capital invested", measured in the thousands. So if you invest $50,000 your y-value would be 50. The C and a values are typically given.
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Multiple Choice
What does the 'x' represent in the Cobb-Douglas Formula?
Benefits for workers
Number of lunch breaks
Hours Worked
x-intercept
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Multiple Choice
What does the 'y' represent in the Cobb-Douglas formula?
Investment (measured in thousands)
Number of machines in the production facility
Investment (measured normally)
Corn
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I've worked out some examples on the following slides, copy them into your notes, so you can practice these on your own and have some examples to follow.
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Multiple Choice
A local zipper producer estimates its monthly production using a Cobb-Douglas calculation. If their employees work for a combine 2000 hours and $60,000 is invested, what is their expected production with C = 100 and an a-value of 0.4?
Around 20,000 units
Around 30,000 units
Around 24,000 units
Around 34,000 units
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Move on to practice set in Classroom
Cobb-Douglas Production Formula
Multivariable Function Applications
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