Production function with two variable inputs Assignment Help

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Production function with two variable inputs

If both, capital and labour are variable a different set of analytical techniques is applied to determine the optimal input rates. There are twin methods to approach the problem of efficient resource allocation in production. They are, firstly output maximization - to maximize the production for a given rupee outlay on labour and capital and secondly, cost minimization - to minimize the rupee outlay on labour and capital necessary to produce a specified rate of output.

These are also known as problems of constrained optimisation. In the first case fixed monetary outlay is the constraint while in the second case it is the specified rate of output to be produced.

If only labour and capital are variable inputs then selection of optimal factor combinations will depend upon:

  • Technical possibilities of factor substitution (isoquants) and
  • Prices of factors of production (isocost lines)

 

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