Question

Define production function. State types and functions of production function.

Answer 1

Explanation:

production function, in economics, equation that expresses the relationship between the quantities of productive factors (such as labour and capital) used and the amount of product obtained. ... It can also be used to determine the cheapest combination of productive factors that can be used to produce a given output.

Production Behaviour and Types of Production Function:

• Time Periods.
• Short Run– it is the time period when fixed factors cannot be changed.
• Long Run– it is the time period when all the factors of production (fixed and variable) can be changed.
• Total Product or Total Physical Product.

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