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प्रश्न
Distinguish between short-run and long-run production functions.
Explain how is short-run production function is different from long-run production function.
Differentiate between short-run and long-run production functions.
Distinguish between short-run and long-run.
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उत्तर
| Sr. No. | Basis | Short-run Production Function | Long-run Production Function |
| 1. | Definition | It refers to a situation where only one input is variable; the others are fixed. | It refers to a situation where all inputs are variable. |
| 2. | Expression | Expressed as: Qx = f(L) | Expressed as: Qx = f(K, L) |
| 3. | Change in Inputs | Studies the effect of change in one input (e.g., labour) only. | Studies the effect when all inputs are changed simultaneously. |
| 4. | Fixed Inputs | Some inputs (e.g., capital) remain constant. | There are no fixed inputs; all can be varied. |
| 5. | Output Response | Response of output is called Returns to a Factor. | Response of output is called Returns to Scale. |
| 6. | Related Law | Based on the Law of Variable Proportions. | Based on the Law of Returns to Scale. |
Notes
Students should refer to the answer according to the question.
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संबंधित प्रश्न
Define production function.
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.
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)?
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?
