Question

Explain the concept of a production function.
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Answer 1

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..

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.

The production function, therefore, describes a boundary or frontier representing the limit of output obtainable from each feasible combination of inputs...

Hope it helps...