Question

what is production function ? Deffrentiate between fixed and variable factor​

Answer 1

Answer:

production function says the relation between input and output

fixed factor means which doesnot change with change in output ,like suppose u gonna run a factory even though u r getting loss u need to pay rent so it's fixed

variable factor which changes with output like for suppose u wanna prepare a good it requires raw material ,if ur going to made them u will buy if not u wont so it varies depending on output

hope u r clear !!!

Answer 2

Answer:

Production Function is the relationship between physical inputs and physical output.

Q = f (K, L, T)

Where,

Q = Output

f = Functional Relationship

K = Capital

L = Labour

T = Technology

Fixed Factors

Fixed Factors are the factors which remains fixed in short run even when there is change in quantity of output.

eg: Land, Building and Machinery

 Variable Factors

Variable Factors are the factors which can be changed due to change in quantity of output.

eg: Labour, Raw Materials, Fuel