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Is the relationship between input n output is known as production function?
Wiki User
∙ 13y ago
yes
Wiki User
∙ 13y ago
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What do you mean by production function?
The relationship between the amount of input required and the amount of output that can be produced with the help of them is called the production function. It specifies the maximum output that can be produced with a given quantity of inputs for a given level of engineering or technical knowledge. Let, a firm produced only one type of output with two inputs (L, K). Thus, the general equation of this simple production function is Q=f(k, L)---------(i) Eqn (i) reads: the quantities of output is a function of or depends on the quantities of labor and capital used in production.
What does the theory of production deal with?
The theory of production deals with the relationship between the factors of production and the output of goods and services
How does a longrun production function differ from a shortrun production function?
üProduction function shows technological relationship between quantity of output and quantity of various inputs used in production. üProduction function in economic sense states the maximum output that can be produced during a period with certain quantity of various inputs in the existing state of technology. üIt is the tool of analysis which is used to explain input - output relationships. üIn general it tells that production of a commodity depends on specified inputs. ü ü
What is production function with one variable input?
The production function for a firm is the relationship between the quantities of inputs per time period and the maximum output that can be produced. It can be calculated for one or more than one variable factors of production. The one variable factor of production function corresponds to the short-run during which at least one factor of production is fixed .
What is returns to scale in economics?
Returns to scale refer to a special relationship between output and input. During production, this relationship refers to the connection between the changes that occur with the output and those that began in the input.
What production function explain relationship between?
output and exports
Define production function?
Production function refers to the functional relationship between (physical) input and (physical) output
Which two variables depicted on the production function depictes a relationship?
: It depicts a relationship between output and a given input.
What is the relationship between an input and output called?
A function.
A production function describes the relation between output and?
cost or input
What does the theory of production deal with?
The theory of production deals with the relationship between the factors of production and the output of goods and services
What do you mean by production function?
The relationship between the amount of input required and the amount of output that can be produced with the help of them is called the production function. It specifies the maximum output that can be produced with a given quantity of inputs for a given level of engineering or technical knowledge. Let, a firm produced only one type of output with two inputs (L, K). Thus, the general equation of this simple production function is Q=f(k, L)---------(i) Eqn (i) reads: the quantities of output is a function of or depends on the quantities of labor and capital used in production.
What is a relationship between two quantities called input and output?
Function
How does a longrun production function differ from a shortrun production function?
üProduction function shows technological relationship between quantity of output and quantity of various inputs used in production. üProduction function in economic sense states the maximum output that can be produced during a period with certain quantity of various inputs in the existing state of technology. üIt is the tool of analysis which is used to explain input - output relationships. üIn general it tells that production of a commodity depends on specified inputs. ü ü
What is production function with one variable input?
The production function for a firm is the relationship between the quantities of inputs per time period and the maximum output that can be produced. It can be calculated for one or more than one variable factors of production. The one variable factor of production function corresponds to the short-run during which at least one factor of production is fixed .
What is the Cobb-Douglas function?
In economics, the Cobb-Douglas production function is a particular functional form of the production function, widely used to represent the technological relationship between the amounts of two or more inputs, particularly physical capital and labor, and the amount of output that can be produced by those inputs.
What is an expression that describes that describes the relationship between each input and output?
function rule
