Question

the relevant range of production for a producer is the negatively sloped range of ISOQUANT, which represents

Select one:
a. 1st Stage of Production
b. 2nd Stage of production
c. third stage of production
d. All stages of production​

Answer 1

explanation

1, isoquants slope downward over the relevant range of production. This negative slope indicates that, if the producer decreases the amount of capital employed, more labour must be added in order to keep the rate of output constant. Or, if labour use is decreased, capital use must be increased to keep output constant.

answer

all stages of production .

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Answer 2

Answer:

Production process involves the transformation of inputs into output. The inputs could be land, labour, capital, entrepreneurship etc. and the output could be goods or services. In a production process managers take four types of decisions:

(a) whether to produce or not,

(b) how much output to produce,

(c) what input combination to use, and

(d) what type of technology to use. This Unit deals with the analysis of managers’ decision rules concerning

(c) and (d) above.

The analysis of the other two decisions will be covered in Units of this block. In this unit, we shall begin with a general discussion of the concept of production function. The analysis of this unit mainly focuses on the firms that produce a single product. Analysis on decisions related to multiproduct firms is also given briefly. The nature of production when there is only one variable input is taken up first. We then move on to the problem of finding optimum combination of inputs for producing a particular level of output when there are two or more variable inputs. You will learn various functional forms of production frequently used by economists and their empirical estimation in Unit. The unit concludes with the production decisions in case of product mix of multiproduct firms.

PRODUCTION FUNCTION

Suppose we want to produce apples. We need land, seedlings, fertilizer, water, labour, and some machinery. These are called inputs or factors of production. The output is apples. In general a given output can be produced with different combinations of inputs. A production function is the functional relationship between inputs and output. It shows the maximum output which can be obtained for a given combination of inputs.

Explanation:

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