Volume 20
Issue 4
Economics
JOURNAL OF
POLISH
AGRICULTURAL
UNIVERSITIES
DOI:10.30825/5.ejpau.30.2017.20.4, EJPAU 20(4), #03.
Available Online: http://www.ejpau.media.pl/volume20/issue4/abs-03.html
TWO-FACTORIAL FUNCTIONAL ANALYSIS OF ECONOMIC DEVELOPMENT IN THE REGIONS OF AZERBAIJAN
DOI:10.30825/5.EJPAU.30.2017.20.4
Sugra İ. Humbatova1, Natig G-O. Hajiyev2
1 Price and Apprecation Department, Azerbaijan State University of Economics (UNEC), Baku, Azerbaijan
2 Regulation of Economy Department, Azerbaijan State University of Economics (UNEC), Baku, Azerbaijan
ABSTRACT
This article is about analysis of the dependence of industrial and agricultural production in the regions of Azerbaijan on two main factors: capital funds and workforce. It was mainly used the Cobb-Douglas production function and linear function in this analysis. The Cobb-Douglas production and linear functions that have economical and statistical meaning are used during analysis. In the analysis, it is decided not to take account of the main funds that indirectly used in the production and to improve the statistical database because the main funds that indirectly used in the production and the lack of statistical database create some hardships for making exact decisions and calculation.
Key words: regional development, agricultural production, industrial production, capital funds and workforce, Cobb-Douglas production function.
Sugra İ. Humbatova
Price and Apprecation Department, Azerbaijan State University of Economics (UNEC), Baku, Azerbaijan
AZ-1001
Baku
Azerbaijan
email: s.qunbatova2012@yandex.com
Natig G-O. Hajiyev
Regulation of Economy Department, Azerbaijan State University of Economics (UNEC), Baku, Azerbaijan
AZ-1001
Baku
Azerbaijan
Responses to this article, comments are invited and should be submitted within three months of the publication of the article. If accepted for publication, they will be published in the chapter headed 'Discussions' and hyperlinked to the article.