Cobb-Douglas function

The Cobb-Douglas function is a mathematical model used to describe how different inputs, like labor and capital, combine to produce output or economic value. It assumes that each input contributes proportionally to the total output, with specific relative importance reflected by constants called exponents. This model helps economists understand how changes in inputs affect productivity and output levels, often used in analyzing production efficiency and growth. Overall, it provides a simple yet powerful way to represent the relationship between resources invested and the results obtained.