Question

explain the production function with diagram
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Answer 1

Answer:

The Production Function:

The production function expresses a functional relationship between quantities of inputs and outputs it shows how and to what extent output changes with variations in inputs during a specified period of time. In the words of Stigler, The production function is the name given to the relationship between rates of input of productive services and the rate of output of product.

It is the economist’s summary of technical knowledge Basically the production function is a technological or engineering concept which can be expressed in the form of a table, graph and equation showing the amount of output obtained from various combinations of inputs used in production, given the state of technology.

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