--%>

Explain the term Production function

Explain the term Production function.

E

Expert

Verified

Production function demonstrates the technological relationship in between the quantity of various inputs and quantity of output used in production. Production function is economic sense describes the maximum output which can be produced during a period with an exact quantity of different inputs in the existing state of technology. Conversely, this is the tool of analysis that is used to explain the input/output relationships. Generally, this tells that production of a commodity depends upon the given inputs. Under its specific tem this presents the quantitative relationship in between inputs and output. Inputs are categorized as given below:

1. Fixed input or fixed factors and

2. Variable input or variable factors.

   Related Questions in Managerial Economics

  • Q : Determine the demand of auto-market

    Suppose that the auto market began at the intersection of S0 and D0 before people began to expect auto prices to rise in the close to future. How will it influence the auto market?: (1) No change. (2) Demand shifts to D2. (3) Demand sh

  • Q : Legal incidence of tax burdens The firm

    The firm or individual responsible for paying a specified tax to the government bears: (w) stigma of being a tax evader when it is completely forward shifted. (x) full tax burden only when the tax is backward shifted. (y) legal incidence of the tax. (z) reduction in p

  • Q : Price and output decisions in

    Illustrates the price and output decisions in Monopolistic Competition?

  • Q : Illustrates the term Demand Function

    Illustrates the term Demand Function?

  • Q : Explain the pricing under price

    Explain the pricing under price leadership.

  • Q : Explain the assumptions of Law

    Explain the assumptions of Law Diminishing Returns.

  • Q : Introduction of the term Break Even

    Give a brief introduction of the term Break Even Point. How does BEP aid in making business decision?

  • Q : Forecasting demand what are the

    what are the criteria for good forecasting

  • Q : Define naive method and its techniques

    Define naive method and its techniques briefly.

  • Q : Demand for labor in purely competitive

    When the hourly wage rate for workers this purely competitive firm hires is approximately of $13, this will operate at: (1) point a. (2) point b. (3) point c. (4) point d. (5) point e.

    Discover Q & A

    Leading Solution Library
    Avail More Than 1448256 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads
    No hassle, Instant Access
    Start Discovering

    18,76,764

    1951342
    Asked

    3,689

    Active Tutors

    1448256

    Questions
    Answered

    Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

    Submit Assignment

    ©TutorsGlobe All rights reserved 2022-2023.