Question

discuss types of production function​

Answer 1

Answer:

Generally, the total output increases with an increase in inputs. Like any other function, all such functions where total output increase as the inputs increase, are known as increasing production functions, ... Such a production function will be known as decreasing production function.

Answer 2

Explanation:

Production function is the mathematical representation of relationship between physical inputs and physical outputs of an organization.

There are different types of production functions that can be classified according to the degree of substitution of one input by the other.

Figure-16 shows different types of production function:

Types of Production Function

The different types of production function (as shown in Figure-16).

1. Cobb-Douglas Production Function:

Cobb-Douglas production function refers to the production function in which one input can be substituted by other but to a limited extent. For example, capital and labor can be used as a substitute of each other, but to a limited extent only.