--%>
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 : Explain the decision making areas of

    Explain the decision making areas of the decision making.

    		•
  • Q : What are the features of phases of

    What are the features of phases of business cycle?

    		•
  • 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 : Find demand when Supply and Demand

    Suppose that the auto started began at the intersection of S0 and D0, and then Congress passed a main personal income tax cut. So, how will it affect the auto market?: (w) No change. (x) Demand shifts to D2. (y) Demand shifts to D

    		•
  • Q : Technological advances in starting of

    Technological advances because the starting of the twentieth century has: (w) removed the limits on our ability to produce. (x) removed the problem of scarcity. (y) expanded our capability to produce. (z) raised the use of resources for production.

    Q : What is Constant Returns to scale What

    What is Constant Returns to scale?

    		•
  • Q : Explain why firms may close in Short Run

    Val Alvarado, an accountant, quit his $80,000 year job and bought an existing laundry through its earlier owner, he was Ricky White. The lease has five years stayed and needs a monthly payment of $4,000. Val's explicit cost amounts to $3,000 per month more than his

  • Q : Forecasting demand what are the

    what are the criteria for good forecasting

    		•
  • Q : What is Oligopoly What is Oligopoly?

    What is Oligopoly? Explain in brief.

    		•
  • Q : Average wages for workers Average

    Average female wages are historically beneath the average for male workers due to: (w) concentration in low income occupations. (x) placement in low status job positions. (y) lower admission in professional schools and skilled trades.

    		•