Question

concept of period of production

Answer 1

PRODUCTION TIME PERIODS: ... Time periods are specified based on the number of inputs that are fixed or variable. The specification of production time periods is a convenient way to understand and explain production activity by a firm, which then provides insight into market supply.

Answer 2

In the theory of the firm under perfect competition a period which measures the effect of the rate of interest on relative prices of inputs and outputs should be called the period of production...........