Question

what is meant by production function?what is short run production funtion.
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Answer 1

Answer:

• Production function, in economics, equation that expresses the relationship between the quantities of productive factors (such as labour and capital) used and the amount of product obtained.
• The short-run production function defines the relationship between one variable factor (keeping all other factors fixed) and the output. The law of returns to a factor explains such a production function. ... It measures by how much proportion the output changes when inputs are changed proportionately.

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