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  5. MODELLING THE PROFIT MAXIMIZATION USING THE COBB-DOUGLAS' PRODUCTION FUNCTION

MODELLING THE PROFIT MAXIMIZATION USING THE COBB-DOUGLAS' PRODUCTION FUNCTION

A.A. Zasjad`ko, S.S. Korolyuk
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The article is devoted to the research of the extrimum function to optimize the work of an industrial enterprise using the Cobb-Douglas' production function. The dependence of the maximum value of two-resource industrial enterprise profit function on the indexes of the function was obtained. The analysis of such dependence makes it possible to estimate the values of these parameters when the profit function attains a maximum. The simulation of the indexes of the two-factor enterprise pattern to obtain the maximum profit was conducted. Numerical values of the parameters of the two-resource enterprise profit function was estimated. The study of quick response of the profit function on changing the parameters analyzed was performed.
Keywords: Cobb-Douglas' production function, two-factor production models, econometric model, profit maximization, quick response