Question

Define the production function​

Answer 1

Answer:

Production is the result of co-operation of four factors of production viz., land, labour, capital and organization.

This is evident from the fact that no single commodity can be produced without the help of any one of these four factors of production.

In economics, a production function gives the technological relation between quantities of physical inputs and quantities of output of goods. ... Some non-mainstream economists, however, reject the very concept of an aggregate production function.

Answer 2

Answer:

In economics, a production function relates physical output of a production process to physical inputs or factors of production. It is a mathematical function that relates the maximum amount of output that can be obtained from a given number of inputs – generally capital and labor.

Explanation: