Cobb Douglas Production in Economics #shorts #cobbdouglasproductionfunction #microeconomics

The Cobb-Douglas Production function Q = AL^(a) k^((1a)) is based on

Differentiate between Short Period production and Long Period production function .

Explain how distribution of gross domestic product is its limitation as a measure of economic welfare.

Modernity-snobbery, though not oxclusive to our age, has come to assume an unprecedented importance. The reasons for this are simple and of a strictly economic character. Thanks to modern machinery, production is outrunning consumption. Organized waste among consumers is the first condition of our industrial prosperity. The sooner a consumer throws away the object he has bought and buys another, the better for the producer. At the same time the producer must do his bit by producing nothing but the most perishable articles. The expression production is outrunning consumption' means

Modernity-snobbery, though not oxclusive to our age, has come to assume an unprecedented importance. The reasons for this are simple and of a strictly economic character. Thanks to modern machinery, production is outrunning consumption. Organized waste among consumers is the first condition of our industrial prosperity. The sooner a consumer throws away the object he has bought and buys another, the better for the producer. At the same time the producer must do his bit by producing nothing but the most perishable articles. The production of more dispensable articles is necessary because it will