Abstract
In this paper we completely classify production functions with given total elasticity of production (or elasticity of scale). The analytical form of the two-factor production function with given total elasticity of production is indicated. Classes of two-factor production functions that correspond to given (constant, linear, linear-fractional, exponential, etc.) total elasticity of production are obtained. Also, we give some generalization for multi-factor production functions with given total elasticity of production. The new production functions, which we have introduced in this article, integrates various well-known production functions such as Cobb-Douglas, CES or ACMS, Lu-Fletcher, Liu-Hildebrand, VES, and Kadiyala. The results may be useful in economic modelling of production at the regional and country levels.
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This research was supported by the Belarusian State Program of Scientific Research “Economy and humanitarian development of the Belarusian society”.
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Khatskevich, G., Pranevich, A., Karaleu, Y. (2020). Analytical Forms of Productions Functions with Given Total Elasticity of Production. In: Wilimowska, Z., Borzemski, L., Świątek, J. (eds) Information Systems Architecture and Technology: Proceedings of 40th Anniversary International Conference on Information Systems Architecture and Technology – ISAT 2019. ISAT 2019. Advances in Intelligent Systems and Computing, vol 1052. Springer, Cham. https://doi.org/10.1007/978-3-030-30443-0_25
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