Production Optimization in Manufacturing Industries Using Cobb-Douglas Production Function
Journal Title: Journal of Operational and Strategic Analytics - Year 2023, Vol 1, Issue 3
Abstract
In the rapidly evolving industrial landscape, the decision-making process concerning which products to manufacture, their quantity, and the methods of their production has become pivotal. This study endeavors to address this need by advocating the most apt functional form of the production process for predominant manufacturing sectors. The central objective has been the maximization of output through the application of the Cobb-Douglas production function, investigated separately for both two-input and three-input scenarios. It is ascertained which of the two models exhibits greater efficacy. Subsequently, parameters of the production function are estimated utilizing advanced optimization subroutines.
Authors and Affiliations
Fazal Hanan, Rashid Ali
Keywords
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- EP ID EP731971
- DOI https://doi.org/10.56578/josa010304
- Views 48
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