Question

Explain in detail the concept of production fundtion​

Answer 1

Answer:

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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.

Answer 2

Explanation:

The production of any commodity depends on the means of production. Thus, the relationship between the means of production and its production is called production function. It defines the physical relationships between quantity of production and means of production in a given time period. It is a quantitative relationship, not a qualitative one.