Common Types of Production Functions & Marginal Products | Intermediate Microeconomics
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YouTubeTactical Economics
Common Types of Production Functions & Marginal Products | Intermediate Microeconomics
Production functions are one of the most important concepts in neoclassical economics. In this video, I discuss four common production functions, the intuition behind them, and I derive their marginal products. The four types of production functions are Cobb-Douglas, Perfect Substitutes, Perfect Complements, and Constant Elasticity of ...
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