--%>
Assignment Help - homework help

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 : Extension/contraction and shift in

    Differentiate between extension/contraction and shift in demand?

    		•
  • Q : Competitive Profit Maximization in

    A profit-maximizing competitive firm hiring by a competitive labor market will be within equilibrium where is: (w) MPP = MRC. (x) w = MRC. (y) VMP = MPP. (z) VMP = w. Hey friends please give your o

    		•
  • Q : Meaning of managerial economics What is

    What is the meaning of managerial economics?

    		•
  • Q : Describe why firms may shut down

    If a perfectly competitive firm determines that its market price is below its minimum average variable cost, this will sell: w) the output where marginal revenue equivalents marginal cost. x) any positive output the entrepreneur decid

    		•
  • Q : Surpluses quantity for Supply and Demand

    When an exceptionally warm winter caused the quantity of cashmere sweaters supplied to exceed the quantity demanded at the present market price, in that case: (1) cashmere sweaters will be more heavily demanded subsequent year than this year. (2) an overload of cashme

    		•
  • Q : Finance and Economics Activity dear

    dear Please read carefully about in structure and requirement of the assessment. I need quality work with academic writing with less than 5% similaraies and make sure if any studens ask same assessment to avoid plagiarism

    		•
  • Q : Consuming extra units of goods The

    The observations that whenever output is expanded, the costs ultimately grow faster than output, and that the enjoyment people receive from consuming additional units of a specific good ultimately declines, both pursue logically from the law of: (1) Unexpected effects

    		•
  • Q : Earning difference in average wages In

    In 2007 year, relative to men along with comparable education and experience, working women earned average wages which were roughly: (w) 25%-35% of the average wages for men.. (x) 70%-80% of the average wages for men. (y) 80%-90% of the average wages

    		•
  • Q : Supply of certain types of labor The

    The supply of certain types of labor is determined through the: (w) skills of potential workers. (x) the availability of other workers. (y) the prices of output. (z) production technology. I need a good answer on the topic of

  • Q : Derived Demand in Competitive Labor

    Derived demand refers to: (w) consumer demand for products, based on expected utility. (x) government demand for social goods, based upon tax revenue. (y) business demand for resources, based upon consumer demand for products. (z) supplier demand for

    		•