What is production function in economics?
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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.
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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
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