Question

How many forms of production function are there?

Answer 1

A production function may be expressed in three forms:

(a) It can be expressed in the form of an arithmetic table where first few columns show the input of the factors and the last column shows total output of the product as has been depicted below. Here, for the sake of simplicity, we take only one input.)


(b) The production function can also be illustrated geometrically by means of a simple graph as shown in Fig. 1. Input level is measured along the horizontal axis and the total output upon he vertical axis.

Production Function

The points on the curve OT indicate different quantities of output associated with particular levels of the input used.

(c) The production function may be shown through an algebraic expression in which output is a dependent variable and input, the independent variable

Answer 2

Explanation:

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