Application of the Cobb-Douglas function for the formation of would-be economists' analytical skills
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Date
2025
Authors
Vlasenko, Kateryna
Armash, Tetiana
Achkan, Vitaliy
Kaluhin, Ruslan
Bohdanova, Nataliia
Journal Title
Journal ISSN
Volume Title
Publisher
111
Abstract
Training high-quality specialists in the economic eld is crucial. This task can be achieved by training students in economic specialties in mathematical modeling. Solving problems using production functions, particularly Cobb-Douglas functions, can become the ground for mastering mathematical modeling. The article looks into the issue of the combination of table and clustering methods to systematize such kinds of problems. The involvement of students in real production situations while mathematical training contributes to the development of analytical skills needed for analyzing economic processes, modeling decisions, working with data, and coming to conclusions. The article presents a system of problems involving the Cobb-Douglas production function. The study shows the implementation of these problems while mastering `Multivariate Functions' by economic majors. Also, the work presents the practicality of such a system when developing their analytical skills. The run experiment con rmed that the developed system of problems results in the progression of wouldbe economists' analytical skills.
Description
Keywords
mathematical modeling, Cobb-Douglas production function, analytical skills, bivariate functions, conference materials
Citation
111