Question

Explain short run production function with the help of a schedule and a diagram.

Answer 1

Answer:

The short run production production assumes there is at least one fixed factor input

Production Functions

The production function relates the quantity of factor inputs used by a business to the amount of output that result.

Short Run Production Function

• The short run is a time period where at least one factor of production is in fixed supply

• A business has chosen its scale of production and sticks with this in the short run

• We assume that the quantity of plant and machinery is fixed and that production can be altered by changing variable inputs such as labour, raw materials and energy Production Function  

Explanation:

Answer 2

Answer:

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