Estimation of the Production of Matiari Sugar Mill Sindh Using SPSS Through Cobb-Douglas Model (original) (raw)

Sindh University Research Journal, 2015

Abstract

The production function is the combination of the Labor and Capital. It is really a business concept that defines the maximum rate of output approaching from specified input rates of capital and labor. The least cost capital-labor combination for the production or the output rate would yield maximum profit, and are not the objectives of this function. This function only shows that the maximum output should be obtained from any input combination. Economists use variety of functional form to describe the function, but the most frequently used function is Cobb-Douglas production function. It was proposed by Charles Cobb and Paul Douglas in 1928. It is widely used in economics because it has good properties and is representative of much production process. Almost every production manager is interested in maximizing his production. He attempts to minimize the cost or maximize production, subject to producing a specified output rate. In this sense estimation of production plays the cr...

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