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प्रश्न
Distinguish between short run and long run production functions
उत्तर
| Basis | Short-run Production Function |
Long-run Production Function |
| Factors of Production | Short run is a period of a time during which some factors of production are fixed and some factors of production are variable. |
A long run is a period of a time during which all factors of production are variable. |
| Production Function |
`q_x=f(x_1,bar(x_2))` where q represents units of output produced
|
q = f (x1, x2), where q represents units of output produced x1 represents capital units x2 represents labour units |
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संबंधित प्रश्न
Define production function.
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.
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.
