词条 | List of production functions |
释义 |
This is a list of production functions that have been used in the economics literature. Production functions are a key part of modelling national output and national income. 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.) TechnologyThere are three common ways to incorporate technology (or the efficiency with which factors of production are used) into a production function (here A is a scale factor, F is a production function, and Y is the amount of physical output produced):
Elasticity of substitutionThe elasticity of substitution between factors of production is a measure of how easily one factor can be substituted for another. With two factors of production, say, K and L, it is a measure of the curvature of a production isoquant. The mathematical definition is: where "slope" denotes the slope of the isoquant, given by Returns to scaleReturns to scale can be
Some widely used forms
, with which includes the special cases of:
when
when
when
2 : Production economics|Economics lists |
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