This approach is convex function
In this form we have used CD as a production function. Markets, market failures, and development. On the other hand, the second course of research examines the relationship of output to set of variables for the whole region of Southeast Europe. Straightforward analysis of the substitution properties of system of nested. The concept of the aggregate production function is at the heart of neoclassical growth theory and, indeed, of most of neoclassical macroeconomics. Estimation of engineering production functions requires the availability of data in physical terms for output and inputs. The expansion path does not have to be a straight line.
Along with mixed results
Nevertheless, both critiques serve to show just how flimsy are the foundations of the aggregate production function. It can also be responsible for suggesting that there are increasing returns to scale. Volterra used it to resolve certain ordinary differential equations. A Production Function with Variable Elasticity of Factor. Douglas production function on FDI in Southeast Europe.