Question

What is production function economics of 1th?

Answer 1

In economics, a production function relates physical output of a production process to physical inputs or factors of production. It is a mathematical function that relates the maximum amount of output that can be obtained from a given number of inputs – generally capital and labor.

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