Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
The act of production involves the transformation of inputs into output. Production is a transformation of physical inputs into physical inputs into physical output. The output is thus a function of factors which are also called inputs. The functional relationship between physical and physical output and physical output of a firm is known as production function. Algebraically production function can be written asQ = f (L, K, M)where, Q stands for the quality of output L, K, and M stand for the quantities of factors labour capital and new raw materials respectively.The above equation shows that the quantity (Q) of output produced depends upon the quantities of the factors used. The production function expresses the relationship between the quantity of output and the quantities of the various inputs used of the production. More precisely the production function sates the maximum quantity of output that can be produced with any given quantities of various inputs. If a small firm produces wooden tables in a day its production function will consists of the maximum number of tables that can be produced form a given quantities of various inputs such as wood varnish labour time machine time floor space.Two things must be noted in respect of production function. First production function like the demand function must be considered with reference to a particular period of time production function expresses a flow of inputs resulting in a flow of output in a specific period of time secondly production function of a firm is determined by the state of technology. When the technology advances the production function changes with the result that greater flow of output can be obtained from the given inputs or smaller quantities of inputs can bemused for producing a given quantity of output.In economic theory we are interested in two types of production functions. Rest we study the production function when the quantities of some inputs such as capital and land are kept constant and the quantity of one input such as labour (or quantities of few inputs) is varied. This kind of production function [Q = f(L,K)]is called short-run production function. The study of short –run production is the subject matter of the law of diminishing returns which is also called the law of variable proportions secondly we study production funk in (input-output relation) by varying all inputs and this is called long-run production function and can be expressed as Q = f (L, K, M) this forms the subject matter of the law of returns to scale generally the terms constant and increasing returns are used with reference to constant and increasing returns to scale.
What are the 2 approaches in which results into a higher satisfaction?
The elasticity coefficient is a number measured using price and quantity data to verify how responsive consumers are to changes in the price of a commodity. The elasticity coeffic
The least square method is based on the assumption that the past rate of change of the variable under study will continue in the future. It is a mathematical procedure for fitting
With the aid of a diagram explain the long run average cost curve and the influences upon it.
Policy Implications: The expansion of the services sector has wider implications for population, employment, and trade prospects of the economy, some of which are as follows:
Real Interest Rate: Interest rate on a loan, adjusted for rate of inflation. Real interest rate represents real burden of an interest payment. Real interest rates should be positiv
Problem: a. With the help of diagrams, describe how the price and quantity of potatoes will change under the different circumstances: (i) A severe drought affecting its pro
If the short run method to produce Q quantity is with full time workers L=0.025*Q, COST OF WORKER IN THE SHORT RUN IS w=20226.154, how do you derive the value of Q
Transfer Payments: Governments typically redistribute a share of tax revenues back to specified groups of individuals in form of several social programs (like welfare benefits, pub
Halala is a small country that uses most of Its resources to produce fruits and vegetables. If the country produces only fruits it is able to produce 8000kg of fruit per year. If i
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd