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प्रश्न
Define production function.
उत्तर
The production function is the relationship between physical input such as labour, capital and physical output of a good. It is expressed in the following form: q = f (x1, x2). It means by using x1 amount of factor 1 and x2 amount of factor 2, you will be able to produce q amount of good.
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संबंधित प्रश्न
Distinguish between short run and long run production functions
Explain the concept of a production function.
Let the production function of a firm be `Q=5L^(1/2)K^(1/2)`.
Find out the maximum possible output that the firm can produce with 100 units of L and 100 units of K.
Let the production function of a firm be Q = 2L2 K2.
Find out the maximum possible output that the firm can produce with 5 units of L and 2 units of K. What is the maximum possible output that the firm can produce with zero unit of L and 10 units of K?
Find out the maximum possible output for a firm with zero unit of L and 10 units of K when its production function is Q = 5L = 2K.
Answer the following question.
What is meant by production function?
The functional relationship between “inputs” and “outputs” is called as
The long-run production function is explained by
A production function measures the relation between
If average product is decreasing, then marginal product
State the production function.
