Role of the production function in the manufacturing process
Answers
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.
Explanation:
It represents a technical relationship between physical input and physical output. It does not take into consideration money cost or price of the output sold.
The state of technical knowledge is assumed to be given and constant. It is possible that the same amount of inputs might produce higher level of output if a better technology is applied in production. Means that the same combination of two or more factors can produce more output with improved technology. It is clear that the production function changes with the change in technology, state of technical knowledge, process of production or organisation of the firm.
It states the maximum quantity of output that can be produced from given quantities of inputs. Alternatively, it shows the minimum quantities of inputs that are required to obtain a given quantity of output.
Production function, like the demand function is considered always with reference to a particular period of time. It expresses a flow of output resulting from a flow of inputs during a definite period of time.
It can be represented in various forms likes by tables; by equations; by total;, average and marginal product curves; by iso-quants.
Answer:
Production is the part that is responsible for converting inputs into manufactured products from raw data or material.
Explanation:
Production is the turning point that converts the raw material into finished products using one or more production processes. The production manager takes up the responsibility to check and see to it that inputs are efficiently transformed into finished goods.