What does the production function show?
The production function shows the output produced by a firm given its inputs. The production function displays two important properties: positive marginal product and diminishing marginal product.
What does the production function show quizlet?
A production function shows the. Maximum output we can produce with varying combinations of factor inputs. The economically efficient input combination for producing a given level of output.
What is the production function your answer?
In economics, a production function gives the technological relation between quantities of physical inputs and quantities of output of goods.
What does production function include?
A production function relates the input of factors of production to the output of goods. In the basic production function inputs are typically capital and labor, though more expansive and complex production functions may include other variables such as land or natural resources.
Q = 2K+3L: To determine the returns to scale,we will begin by increasing both K and L by m.
What are the functions of production?
In long-term production,all functions,factors of production are variable.
What does a production function describe?
Production function is the name given to the relationship between the rates of input of productive services and the rate of output. Production Function is the technological relationship, which explains the quantity of production that can be produced by a certain group of inputs.
What is the definition of production function?
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