How to Find the Total Cost Function | Cobb-Douglas Production | Penn State ECON 302

Welcome back to Tierney #Education, where we break down economic models to make them clear and accessible. Today, we’re tackling a common #microeconomics problem: how to find the total cost function from a Cobb-Douglas production function — without using calculus.

📊 What’s This Video About?
This video is a step-by-step walkthrough of an ECON 302 exam problem from a Penn State student. We’re given a Cobb-Douglas production function, a wage rate, and a rental rate of capital, and our goal is to express total cost as a function of output. Best of all, we do this without any derivatives—just algebra and logic.

🔍 What Will You Learn?
▶️ Cobb-Douglas Cost Function: Learn how to transform a production function into a cost function without calculus.
▶️ Step-by-Step Problem Solving: Follow along as we work through a real ECON 302 exam problem from start to finish.
▶️ 3-Step Framework: Understand and apply a clear 3-step method for deriving total cost when given a production function, wage, and rental rate.

This video is ideal for students in ECON 302 or anyone studying intermediate microeconomics who wants to strengthen their understanding of cost functions, especially when calculus isn't required.

🎓 About Me:
At Tierney Education, we strive to simplify complex economic theories and principles. Whether you’re a student tackling microeconomics or just looking to refresh your knowledge, our videos are designed to build your confidence and skill set in economics.

🔔 Don’t Forget to Subscribe!
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📣 Connect with Me:
Have a question or a topic you’d like to see covered? Drop a comment or visit tierneyeducation.com. You can also book a free consultation here: https://meetings.hubspot.com/james-ti...

#Economics #Microeconomics #CobbDouglas #CostFunction #ECON302 #EconomicTheory #TierneyEducation #LearnEconomics #ProductionFunction #IntermediateMicroeconomics

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