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प्रश्न
Define production function.
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उत्तर १
A production function indicates the highest amount of a product that can be made in a specific time frame using a set amount of inputs, utilising the best available production method.
उत्तर २
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. A production function can be expressed in the form of a table, graph or algebraic equation. In the form of an algebraic equation, the production function for a good may be expressed as:
QX = f(F1, F2...Fn) Where OX is the quantity of output of the commodity X: and F1, F2 ... Fn are the quantities of different inputs used to produce the commodity X.
Notes
Students should refer to the answer according to their preferred marks.
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संबंधित प्रश्न
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.
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.
Which statement best describes a 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 ______.
What is the dependent variable in the production function Qx = f(f1, f2, ..., fn)?
Returns to scale is the main law studied in which production function?
