Question

theory of production function class 11 in long
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Answer 1

Answer:

ʜᴇʀᴇ ɪs ʏᴏᴜʀ ᴀɴsᴡᴇʀ ⬇️

Explanation:

ᴍᴇᴀɴɪɴɢ ᴏғ ᴘʀᴏᴅᴜᴄᴛɪᴏɴ

ʀᴀᴡ ᴄᴏᴛᴛᴏɴ ᴏʙᴛᴀɪɴᴇᴅ ᴅɪʀᴇᴄᴛʟʏ ᴀᴛ ɪᴛs ᴘʟᴀᴄᴇ ᴏғ ᴏʀɪɢɪɴ ɪ.ᴇ. ᴛʜᴇ ᴄᴏᴛᴛᴏɴ ғɪᴇʟᴅs ɪs ᴏғ ᴍᴏᴅᴇʀᴀᴛᴇ sɪɢɴɪғɪᴄᴀɴᴄᴇ. ʜᴏᴡᴇᴠᴇʀ, ᴛʜᴇ sᴀᴍᴇ ʀᴀᴡ ᴄᴏᴛᴛᴏɴ, ᴡʜᴇɴ ᴛʀᴀɴsᴘᴏʀᴛᴇᴅ ᴛᴏ ᴛʜᴇ ᴠɪᴄɪɴɪᴛʏ ᴏғ ᴀ ᴛᴇxᴛɪʟᴇ ᴍɪʟʟ ᴀssᴜᴍᴇs ʜɪɢʜ ᴠᴀʟᴜᴇ. ᴛʜɪs ɪs ᴀ ᴄʟᴀssɪᴄ ᴇxᴀᴍᴘʟᴇ ᴏғ ʜᴏᴡ ᴛʀᴀɴsᴘᴏʀᴛᴀᴛɪᴏɴ ᴛᴏ ᴀ ᴘʟᴀᴄᴇ ᴏғ sɪɢɴɪғɪᴄᴀɴᴄᴇ ᴄᴀɴ ᴀᴅᴅ ᴛᴏ ᴛʜᴇ ᴠᴀʟᴜᴇ ᴏғ ᴀ ᴍᴀᴛᴇʀɪᴀʟ.

ᴘʀᴏᴅᴜᴄᴛɪᴏɴ ғᴜɴᴄᴛɪᴏɴ: ɪᴛ ɪs ᴛʜᴇ ғᴜɴᴄᴛɪᴏɴᴀʟ ʀᴇʟᴀᴛɪᴏɴsʜɪᴘ ʙᴇᴛᴡᴇᴇɴ ɪɴᴘᴜᴛs ᴀɴᴅ ᴏᴜᴛᴘᴜᴛ ɪɴ ᴀ ɢɪᴠᴇɴ sᴛᴀᴛᴇ ᴏғ ᴛᴇᴄʜɴᴏʟᴏɢʏ. ǫ= ғ(ʟ,ᴋ) ǫ ɪs ᴛʜᴇ ᴏᴜᴛᴘᴜᴛ, ʟ: ʟᴀʙᴏʀ, ᴋ: ᴄᴀᴘɪᴛᴀʟ. ғɪxᴇᴅ ғᴀᴄᴛᴏʀ: ᴛʜᴇ ғᴀᴄᴛᴏʀ ᴡʜᴏsᴇ ǫᴜᴀɴᴛɪᴛʏ ʀᴇᴍᴀɪɴs ғɪxᴇᴅ ᴡɪᴛʜ ᴛʜᴇ ʟᴇᴠᴇʟ ᴏғ ᴏᴜᴛᴘᴜᴛ. ᴠᴀʀɪᴀʙʟᴇ ғᴀᴄᴛᴏʀ: ᴛʜᴏsᴇ ɪɴᴘᴜᴛs ᴡʜɪᴄʜ ᴄʜᴀɴɢᴇ ᴡɪᴛʜ ᴛʜᴇ ʟᴇᴠᴇʟ ᴏғ ᴏᴜᴛᴘᴜᴛ.