The Cobb–Douglas Production Function: Output per Worker & Marginal Products
This lesson is part of the course
In this lesson
You compute output for six fictional economies from productivity, capital and workers, rewrite it per worker, and calculate the marginal products of capital and labour to see why capital earns more where it is scarce.
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Lessons in this course
- Growth Rates, GDP per Person & Doubling Time: Rule of 70 vs the Exact Formula Locked
- The Cobb–Douglas Production Function: Output per Worker & Marginal Products Locked
- The Solow Model Step by Step: Simulating Capital per Worker toward the Steady State Locked
- The Golden Rule: Which Saving Rate Maximises Consumption per Worker? Locked
- Growth Accounting: Capital, Labour and the Productivity Residual Locked
- Convergence: Catch-up Time, Growth vs Initial Income and a Fitted Prediction Locked
- Purchasing-Power Comparisons and a Composite Development Index Locked
- Population Projections, Dependency Ratios and Income per Person Locked