Question

Explain in detail the concept of production fundtion​

Answer 1

Explanation:-

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.The production function of a firm depends on the state of technology.

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

1. Cobb-Douglas Production.

2. Leontief Production Function.

3. CES Production Function.

Answer 2

Answer:

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