Question

Function of labor in production process

Answer 1

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In economics, a production function relates physical output of a production process to physical inputs or factors of production. Factory Production: Manufacturing companies use their production function to determine the optimal combination of labor and capital to produce a certain amount of output.

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Answer 2

Question

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Function of labor in production process

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Answer

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production function is how much units of goods are produced using the given factors of production of land, labour capital and entrepreneur.

production function is how much units of goods are produced using the given factors of production of land, labour capital and entrepreneur.There can be two ways to define it

✔️Short run in which we have 2 factors of production which is fixed(land,machinery) and variable (labour and raw materials)… we can only increase or decrease production by changing variable factor of production.

✔️Long run in which all the factors are variable and production can be changed by changing any of the factor of production land, labor, capital and entrepreneur.

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