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Question
A production function measures the relation between
Options
input prices and output prices
input prices and the quantity of output
the quantity of inputs and the quantity of output.
the quantity of inputs and input prices.
Solution
the quantity of inputs and the quantity of output.
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RELATED QUESTIONS
Define production function.
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
If average product is decreasing, then marginal product
State the production function.
