The formula used in the Cobb-Douglas Production Function is:
\[ Y = A \times L^{\beta} \times K^{\alpha} \]
This calculator computes the total production output based on the Cobb-Douglas Production Function using the input values of total factor productivity, labor input, capital input, output elasticity of capital, and output elasticity of labor.
Let's assume the following:
Calculate the production output:
\[ 500^{0.4} \approx 11.29 \]
\[ 300^{0.6} \approx 30.63 \]
\[ Y = 1.50 \times 11.29 \times 30.63 \approx 552.02 \]
Therefore, the total production output (Y) is approximately 552.02.