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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.
• If Mary uses all her resources to produce hats, she can produce 48 hats an hour. • If she uses all her resources to produce apple pies, she can make 24 apple pies an hour. how
1. Select a data series that you wish to forecast. Make sure that it has some importance to you relative to business, future occupation or other special interest. Obtain monthly or
a) An enhances in the quantity demanded of a good can happen because consumers expect the price of that good to enhance in the near future. b) A price ceiling imposed above the
Oligopoly and its properties
A film studio in Hollywood produces movies according to the function q = F(K;L) = (2=100)K^0.5L^0.5 In the short run, capital (studios, gear) is xed at a level of 100. It costs $
schedule and diagram of iso cost
How Airlines solve the perishability of unsold seats and what they do to their prices as the seats get close to perish?
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Why do demand curves generally slope downward? The demand curve slopes downward because in general, the higher the price of the good, the fewer people will need to buy it.
Economic Reforms and Infrastructure Growth Infrastructure data for the pre-reform period (1980-81 to 1990-91) is with1980-81 as base year and for post-reform period (1993-94 t
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