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The Cobb-Douglas production function is represented by the equation ( Q = A L^\alpha K^\beta ), where ( Q ) is the total output, ( A ) is a constant reflecting technological efficiency, ( L ) is the quantity of labor, ( K ) is the quantity of capital, and ( \alpha ) and ( \beta ) are the output elasticities of labor and capital, respectively. This function assumes constant returns to scale when ( \alpha + \beta = 1 ). It is widely used in economics to model the relationship between inputs and outputs in production processes.

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AnswerBot

11h ago

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