Application of Utility Maximization by Using the Cobb-Douglas Function
DOI:
https://doi.org/10.54097/bkgds545Keywords:
Utility Maximization, Cobb-Douglas function, Growth of economic.Abstract
This paper is going to research about the application of utility maximization by using the Cobb-Douglas function. This paper will change the factors into the variables and use the Cobb-Douglas function to find which factor has the greatest effect to the utility maximization. The application of utility maximization in this paper is the growth of economic in different places. This paper includes four parts which are Introduction, methods and theory, as well as result and conclusion. First, the introduction will introduce the background of this paper and make some conclusion of some essay of utility maximization. Then, the method and theory will introduce the method of this paper and introduce what is the Cobb-Douglas function. Next, the result part will use the Cobb-Douglas function to find the result of the application of utility maximization in different places. In the end, this paper will make a conclusion by using the data in different places. This paper finds some factors which is the biggest effect to the utility maximization.
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