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Product Management and Marketing - Class XII
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The Cobb-Douglass Production Function is often used as ____________.
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A
Q = A K a L b
💡 Explanation:
The standard Cobb-Douglas production function is expressed as Q = A * K^a * L^b, where Q is total production, A is total factor productivity, K is capital, L is labor, and a and b are output elasticities of capital and labor respectively.