I have been learning about Cobb-Douglas Utility functions and Cobb-Douglas Production functions. Some of the reading I have incontured have left me confussed. Does anyone know how the utility function difffers from the production function in terms of explaining the exponents. I know that Cobb-Douglas production function's exponents measure returns to scale, but what I am confussed on is what do the utility function's exponents measure. Is it elasticity or still returns to scale? I know that they must be positive and add up to 1.
I am trying to understand a clear definition of what the exponents of the Utility function represent. I have been unable to find any clear definition in any book or online.
If anyone could enlighten me on the differences that would be of great help.