Question

what is production function?

Answer 1

physical output of product process to the physica input of product factor or production

Answer 2

Answer:

Production Function:

• Production function means functional relations between input and outputs.

Types of production function:

1). Short Run: It is a production function which exist in short period and in which one factor is remain variable and other three are fixed. In this production function labour is variable and land, capital and organisation remain fixed. Its duration is only one year.

2). Long run: It is a production function which exist after 5 years and in this production function all factors of production are variable. Its duration is 5 years.

#answerwithquality

#BAL