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प्रश्न
Explain the concept of a production function.
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उत्तर
The production function of a firm depicts the relationship between the inputs used in the production process and the final output. It specifies how many units of different inputs are needed in order to produce the maximum possible output. Production function is written as:
Qx = f (L, K)
Where
Qx represents units of output x produced.
L represents units of labour employed.
K represents units of capital employed.
The above equation explains that Qx, units of output x are produced by employing L and K units of labour and capital respectively and by a given technology. As the given level of technology appreciates, the output will increase with the same level of capital and labour units.
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संबंधित प्रश्न
Define production function.
Distinguish between short-run and long-run production functions.
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.
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.
What is the main feature of inputs in the short run?
Which of the following is a flow concept?
If only labour can be changed and capital is kept fixed, the firm uses ______.
Which law is studied with the short‑run production function Q = f(L)?
Tjalling Koopmans is known for his work on ______.
Returns to scale is the main law studied in which production function?
