Question

if production is defined as transfantion is input into outputs then how would you describe prodoction funchion also name two major technologies of produltion (lesson 7)​

Answer 1

Answer:

The act of production involves the transformation of inputs into output. Production is a trans­formation of physical inputs into physical output. The output is thus a function of factors which are also called inputs. The functional relationship between physical inputs and physical output of a firm is known as production function. Algebraically, production function can be written as,

The act of production involves the transformation of inputs into output. Production is a trans­formation of physical inputs into physical output. The output is thus a function of factors which are also called inputs. The functional relationship between physical inputs and physical output of a firm is known as production function. Algebraically, production function can be written as,Q = f (L, K, M).