期刊名称：International Journal of Advances in Engineering and Management
电子版ISSN：2395-5252
出版年度：2020
卷号：2
期号：10
页码：75-81
DOI：10.35629/5252-0209827832
语种：English
出版社：IJAEM JOURNAL
摘要：Economic growth and development is one of the major goals of any economy. CobbDouglas production function is an important model for analysis of productivity and progress. Its parameters measure the individual factor and overall performance of an economy. The sum of the elasticities of the factors are needed to be greater than one for an economy to grow and hence develop. This essay shows how the parameters of the Cobb-Douglas production function are estimated using Ordinary Least Squares (OLS) method for an economy or industry of interest. It also shows how test of hypothesis can be conducted such as whether the sum of labour and capital inputs elasticities are greater than one or not.
关键词：OLS;Cobb-Douglas;Production Function;Parameter;Return to Scale
