Search results
Results From The WOW.Com Content Network
Wire-grid Cobb–Douglas production surface with isoquants A two-input Cobb–Douglas production function with isoquants. In economics and econometrics, the Cobb–Douglas production function is a particular functional form of the production function, widely used to represent the technological relationship between the amounts of two or more inputs (particularly physical capital and labor) and ...
Combinatorics is an area of mathematics primarily concerned with counting, both as a means and as an end to obtaining results, and certain properties of finite structures.It is closely related to many other areas of mathematics and has many applications ranging from logic to statistical physics and from evolutionary biology to computer science.
where A is the output in arable production, F is the output in fish production, and K, L are capital and labor in both cases. In this example, the marginal return to an extra unit of capital is higher in the fishing industry, assuming units of fish (F) and arable output (A) have equal value. The more capital-abundant country may gain by ...
In economics, a production function gives the technological relation between quantities of physical inputs and quantities of output of goods. The production function is one of the key concepts of mainstream neoclassical theories, used to define marginal product and to distinguish allocative efficiency, a key focus of economics. One important ...
Combinatorics, a MathWorld article with many references. Combinatorics, from a MathPages.com portal. The Hyperbook of Combinatorics, a collection of math articles links. The Two Cultures of Mathematics by W. T. Gowers, article on problem solving vs theory building
The production functions listed below, and their properties are shown for the case of two factors of production, capital (K), and labor (L), mostly for heuristic purposes. These functions and their properties are easily generalizable to include additional factors of production (like land, natural resources, entrepreneurship, etc.)
Get AOL Mail for FREE! Manage your email like never before with travel, photo & document views. Personalize your inbox with themes & tabs. You've Got Mail!
The ridge lines are the combination of points where marginal product (MP LK) of one of the factors is zero. The theory entails that there is a limit to how much one factor can be substituted for another. When production reaches a point where substitution between the factors becomes impossible (MP LK), the isoquant becomes positively sloping. No ...