What Is Production Function

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Production function meaning and types tutor s tips

Production Function Meaning And Types Tutor s Tips

Meaning of Production Function In simple words production function refers to the functional relationship between the quantity of a good produced output and factors of production inputs The production function is purely a technical relation which connects factor inputs and output Prof Koutsoyiannis What is Production Function? Production Function is the relationship between physical inputs (land, labour, capital, etc.) and physical outputs (quantity produced). It is a technical relationship (not an economic relationship) that studies material inputs on one hand and material outputs on the other hand.

Production function

Production Function

What Is Production FunctionProduction function, explains the utmost quantity of output (q) that can be manufactured by using different combinations of these 2 factors of production Labour (L) and Capital (K). We can write the production function as : q = f (L,K) whereas, L is labour and K is capital and q is the utmost output that can be manufactured. In economics a production function gives the technological relation between quantities of physical inputs and quantities of output of goods The production function is one of the key concepts of mainstream neoclassical theories used to define marginal product and to distinguish allocative efficiency a key focus of economics One important