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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.
Distinguish between short-run and long-run production functions.
Explain the concept of a production function.
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.
The functional relationship between “inputs” and “outputs” is called as
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 ______.
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?
