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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.
Mathematical Derivation of ordinary demand function: Here we present the mathematical and more general proof of the above result. Consider, again, the initial price income sit
suppose, as in the federal income tax code for the united states, that the representative consumer faces a wage income tax with a standard deduction. That is the representative con
need to get assignment on income effect and substuation effect how does increase in price of both comodity will affect the or show the new effect
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derivation of demand curve
why d block elements are called inner transition elements?
FIXED EXCHANGE RATE SYSTEM: National currencies are generally acceptable within the geographical boundaries of a country. As such, trade between countries typically involves
Monopsony: Demonstrate (with a graph) how a minimum wage can increase both the wage and employment in a monopsony market even when the government sets th
1. Consider the following 2-way ANOVA Table with the group number listed in the cells of the table. Factor B=1 B=2 B=3 B=4
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