CRYSTAL CLEAR ! can you make a video on how to derive optimal amount of factors that the firm needs to employ for this through Cobn - Douglas Production Function 😊😊
Sir it was indeed a nice video but I have some doubts...it would be very kind of you to please answer them.... first, why have we taken the exponent of ‘L’ as (1-alpha) ?? And second, while writing the production function, we have taken k^alpha and L^(1-alpha ) , that will always give z^ 1 ie. constant returns to scale....then how does it prove the fact that it is constant returns to scale …when we have already taken the production function such that it gives constant returns to scale ? Can’t we take some other exponent and prove this fact ? ......please sir do answer my doubts...thanks
re: why "1-alpha" as the exponent? That is because it is the definition fo Cobb-Douglas. If you wanted to make up another production function with different exponents and give it a different name that is great. The other questions I don't understand. If you got a different exponent on the z at the end then by definition it isn't constant returns to scale.
Hello I would like some Help Being a person with non math background i am facing issues in econ classses is there anything i can do to help my self biiks like chiang and sdyster are beyond my level.
that way is writing it is fine but can make it a little hard to track what happens when L increases. alpha < 1 so L is in the denominator of a fraction put to a negative exponent. an increase in L decreases the fraction and that smaller fraction is put a negative exponent (which turn smaller fractions into bigger numbers), so an increase in L increases the function overall
The production function is meant to model how much output a country can produce using its resources like capital and labor. The standard measure of income is GDP, which is the $ value of all the output produced by a country, so output and income are the same. If we have a model of output, like here, we can just as well call it a model of income.
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So good. Dont knownwhy I wasted all that money on college when content like this is free on RUclips
Hlo
Your explanation is so clear!! Thank you very much for complementing what I missed out in my lectures.
I know it's been a few years, but I was just curious. How'd the rest of your class go?
Aight, I've always been watching videos to learn what I missed in lectures while spacing out, but this was just brilliant, thanks
Yeah, same. How'd the rest of your class go?
I wish that Mankiw’s section on the Cobb-Douglas production function is just as clear as this.
Couldn't have understood the concept better! Thanks a ton!
I can never thank you enough for this!
Watching this on the day of the exam
How was the exame????
Love absolutely everything - Right from the content, explanation style to your voice; Brilliant and keep posting!!
Excellent explanations! Really great and easy to understand (at least comparatively). I liked! I subscribed!
CRYSTAL CLEAR ! can you make a video on how to derive optimal amount of factors that the firm needs to employ for this through Cobn - Douglas Production Function 😊😊
Thank you very much for your clear and concise explanation
I appreciate your kind words.
I dont know how to thank you enough for this! God bless you!
Hello, my question is how do you tell when the value of K and L has increased? Thanks
Great explanation. Couldnt be more better . Thankyou so much❤
Steve you’re saving my life here
excellent video
Thank you! first, video I found on this that actually helps
May I ask why L in MPL minus 1?
Sir it was indeed a nice video but I have some doubts...it would be very kind of you to please answer them.... first, why have we taken the exponent of ‘L’ as (1-alpha) ?? And second, while writing the production function, we have taken k^alpha and L^(1-alpha ) , that will always give z^ 1 ie. constant returns to scale....then how does it prove the fact that it is constant returns to scale …when we have already taken the production function such that it gives constant returns to scale ? Can’t we take some other exponent and prove this fact ? ......please sir do answer my doubts...thanks
re: why "1-alpha" as the exponent? That is because it is the definition fo Cobb-Douglas. If you wanted to make up another production function with different exponents and give it a different name that is great. The other questions I don't understand. If you got a different exponent on the z at the end then by definition it isn't constant returns to scale.
Ok sir I got it. Thank you:)
@@deekshaseth1566 only with those exponents will the production function give constant returns to scale, because they add up to 1
Hi
Very illuminating. Thank you, sir.
Wonderful presentation
you seriously saved me... thanks...
Why is labour share and capital share always constant?
Why can't it change over time.? Why CD is always CRS?
Really well explained! Thank You!
Professor, pls dont make the first mid term so hard. xD
Thank you soo much for this video. This helped a lot.
Hello I would like some Help Being a person with non math background i am facing issues in econ classses is there anything i can do to help my self biiks like chiang and sdyster are beyond my level.
Thanks for the helpful video Steve!
what if the homogenous degree one function and constant return to scale violent in cobb douglas production function?
Thank you very much merci beaucoup
when differentiating, why is ak to the alpha not treated as a constant, as it is a multi-variate function no?
you're right, when partially differentiating with respect to L the AK^alpha part should be and is treated as a constant
Whats the capital A? Where do I get it, why is it there, etc?
Thank you. It was really helpful.
Thank you so much!
Great video. Thank you
great video, also helps that you sound like Owen WIlson
Thank you 3001...
You're brilliant!
Keep up the good work
Great Video thanks 🙏
Is very encouraging
This video was Cobb Douglawesome! 👍
life saver!!!! Thx!!!!!
how do you find A when given quantity, capital, and labor, over x amount of years?
you also need a production function so that you can set up the equation, output = Af(k,l), and solve for A
georgiana rodriguez
could i not also write MPK as alpha * A (K/L) ^ (alpha-1) ? then if L increases MPK decreases...
that way is writing it is fine but can make it a little hard to track what happens when L increases. alpha < 1 so L is in the denominator of a fraction put to a negative exponent. an increase in L decreases the fraction and that smaller fraction is put a negative exponent (which turn smaller fractions into bigger numbers), so an increase in L increases the function overall
@@stevewhite1110 Great, many thanks!
thank u very much Sir!
Thank you
Superrrr useful
Why income is the same as production function tho?
The production function is meant to model how much output a country can produce using its resources like capital and labor. The standard measure of income is GDP, which is the $ value of all the output produced by a country, so output and income are the same. If we have a model of output, like here, we can just as well call it a model of income.
thank you!
I couldn't do it... I couldn't make it through... that tapping noise 😖
it is very useful ,thx
pls i need more lecture on it
thanks
Thanks little teacher
I am a bba student, never gonna use this in my life, why am I studying this .....
love u
God bless u
CRS: Constant Return to Scale.
cool.
he sounds like Teddy Mcdonald from Snowfall
Nice
6:30
thank you sir, great video i love you, lets get gay marriage
😂😂😂😂 gay or get?
v
Differentiation of MPk was wrongly done, rules of indices was not correct.
i am here because i want to learn how to get more DXDY rewards. Anyone with me? haha🤑
thank you so much!
Thanks