Describe the Cobb-Douglas production theory. Formalize an econometrically testable model for economic

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Q.06 Describe the Cobb-Douglas production theory. Formalize an econometrically testable model for economic growth based on the theory of a cobb-douglas production function with two factor inputs, i.e. labor and capital. Explain the theoratical resoning behind the expected sign and significance of each factor input in case of developing economy.

 

Using the enclosed Penworld tables data set, estimate an appropriate cobb-douglas type of growth function for a developing economy of your own choice, using the real GDP, real capital stock and population variables. Explain, discuss the estimated results and conclude the discussion.

Note: Also submit the estimated results in Eviews file, along with your results.

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