cobb_douglas: Cobb-Douglas Model

In Recon: Computational Tools for Economics

Description

This function allows you to compute a Cobb-Douglas production/ utility function with n inputs/goods.

Usage

cobb_douglas(I, Elas = rep(1/length(I), times = length(I)), K = 1)

Arguments

I	is a vector of inputs
Elas	is a vector of elasticities, must be the same length as I. Defaults to equal elasticities to all inputs, with sum of elasticities equal to 1.
K	is the constant of the model. Defaults to 1.

Details

cobb_douglas_2 computes what - mathematically - is a particular case of this function, but computationally there are differentes. Here, the user must input two vectors, one for elasticies and one for quantities, whereas in cobb_douglas_2, the user specifies only quantities and elasticities are taken as parameters.

Value

A list with output, function's degree of homogeneity.

Author(s)

Pedro Cavalcante Oliveira, Department of Economics, Fluminense Federal University

Examples

I <- c(3, 4, 5)

cobb_douglas(I)

Recon documentation built on July 30, 2019, 9:03 a.m.