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Question
The functional relationship between “inputs” and “outputs” is called as
Options
Consumption Function
Production Function
Savings Function
Investment Function
Solution
Production Function
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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.
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A production function measures the relation between
If average product is decreasing, then marginal product
State the production function.
