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The Determination of the Main Indicators of a Production Function Using the Bernoulli Equations

Keywords: production function , marginal rate of substitution , elasticity

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Abstract:

Production functions are an essential tool for analysis of production processes. The indicators ofmarginal production, marginal rates of substitution, elasticities of production and the marginal elasticity oftechnical substitution characterized, from different point of view, the behavior of the production under theaction of factors of labor or capital. This paper presents a new way of determining using the first-orderdifferential equation of Bernoulli type, giving also a useful tool for the creation of new production functions.

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