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MANAGERIAL VIEW ON THE PRODUCTION ANALYSIS IN AGRICULTURE - THE APPLICATION OF THE COBB-DOUGLAS PRODUCTION FUNCTION
Abstract
The effective use of production factors and their right combination is in focus of the economics and is an integral part of the economic practice. Defining of the efficient allocation of resources is very difficult, because the term efficiency has different meanings, in theory and in practice. The ability to assess properly the relationship between the factors of production and the subsequent production is a prerequisite for effective management of the company from the perspective of planning and optimizing of the production function or the production program. The aim of this contribution is to evaluate the production ability in selected agricultural enterprises using Cobb-Douglas production function. We assume that the development of economies of scale from the estimated production functions will be decreasing (what is supported by the assertion that the character of agricultural production satisfies the requirements of the theoretical framework of neoclassical microeconomics for optimum allocation of the production factors). The analysis confirmed our assumption on the group of selected agricultural enterprises.
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