COMPARATIVE ANALYSIS OF THE INFLUENCE OF THE LABOR FACTOR ON THE VOLUME OF PRODUCT PRODUCTION FOR ENTERPRISES OF DIFFERENT TYPES OF ECONOMIC ACTIVITIES IN UKRAINE WITH THE HELP OF THE COBB-DOUGLAS PRODUCTION FUNCTION MODEL

Abstract

The purpose of the article is to study the relationship between labor costs and the volume of production at enterprises of Ukraine using the Cobb-Douglas production function model, as well as a comparative analysis of the impact of the labor factor on the volume of production for enterprises of various types of economic activity. The analysis was carried out according to the main characteristics of the Cobb-Douglas production function, such as average and marginal labor productivity. A negative trend was recorded regarding the decrease in average labor productivity in 2020 compared to 2013 both at Ukrainian enterprises in general and in almost all types of activity, except for the extractive industry and the development of quarries and the supply of electricity, gas, steam and air conditioning. It has been established that the best results in terms of average labor productivity compared to the general indicator for Ukraine are obtained by enterprises operating in the fields of construction, agriculture, forestry and fisheries, financial and insurance activities, processing industry, real estate transactions, wholesale and retail trade, repair of motor vehicles and motorcycles (in 2013), mining and quarrying (in 2020), supply of electricity, gas, steam and air conditioning (in 2020). According to the indicator of marginal labor productivity, the best results compared to the general indicator for Ukraine are obtained by enterprises that operate in the field of construction, financial and insurance activities, real estate operations, agriculture, forestry and fisheries, processing industry. The study showed that for enterprises of the extractive industry and the development of careers and enterprises that carry out activities in the field of art, sports, entertainment and recreation, an increase in labor costs leads to a decrease in the volume of produced products (goods, services). That is, increasing labor costs at these enterprises is economically unprofitable. According to our calculations, these enterprises have the best indicators of the efficiency of using such a resource as capital, which opens up prospects for further research in the chosen direction.