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The Cobb-Douglas functional is a form of production functions usually used to show the relationship of an output to input.
the function is P(L,K) = bL^*K^B
P is total production
L is labor input
K is capital input
b= total factor productivity
* is output elasticity of labor
B is output elasticity of capital
The production function has constant returns to scale. That is, if L and K are each increased by
%, then P increases by%