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ERIC Number: ED066796
Record Type: Non-Journal
Publication Date: 1971-Jan
Pages: 75
Abstractor: N/A
Reference Count: N/A
FACTOR - FACTOR II. Departmental Program and Model Documentation 71-3.
Wilson, Stanley; Billingsley, Ray
This computer program is designed to optimize a Cobb-Douglas type of production function. The user of this program may choose isoquants and/or the expansion path for a Cobb-Douglas type of production function with up to nine resources. An expansion path is the combination of quantities of each resource that minimizes the cost at each production level. At each production level, the program will also output the total cost, total fixed cost, total variable cost, average variable cost, average fixed cost, and average and marginal cost. In addition, it will calculate the marginal product and the ratio of the value of the marginal product to the price of the resource for each resource. Finally, it will output the marginal rate of technical substitution and resource price ratios between each resource and every other resource. At the option of the user, the profit maximizing level of output will also be sought. The user may also choose to hold one or more resources fixed in quantity. Changes in the function's parameters or prices may be made and the output regenerated up to 30 times in the same run. (Author)
Dept. of Agricultural Economics & Rural Sociology, Texas A & M University, College Station, Texas 77843 (Free)
Publication Type: N/A
Education Level: N/A
Audience: N/A
Language: N/A
Sponsor: N/A
Authoring Institution: Texas A and M Univ., College Station.