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प्रश्न
What is meant by production function?
What is a production function?
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उत्तर
A production function shows the maximum quantity of a commodity that can be produced per unit of time with the given amount of inputs when the best production technique available is used. It reflects the input-output relationship in production. An example of a production function is P = f(L, La, C, O), where P is the output produced by factor inputs such as land (L), labor (La), capital (C), and organization (O).
Production function can be expressed as follows:
Qx = f(L, K)
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संबंधित प्रश्न
Define 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?
The long-run production function is explained by
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 ______.
When all inputs are changed in the same proportion in production, it is known as ______.
Which law is studied with the short‑run production function Q = f(L)?
Tjalling Koopmans is known for his work on ______.
Which one illustrates a long‑run decision for a firm?
Returns to scale is the main law studied in which production function?
