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The Technology of Production
* The Production Process
- Combining inputs or the factors of production to attain an output
* Categories of Inputs (or the factors of production) - Materials
- Labor
- Capital
* Production Function:
- Indicates highest output which a firm can produce for every specified combination of inputs given the state of technology.
- Shows what is feasible technically when firm operates efficiently.
* The production functions for the two inputs: Q = F(K,L)
Q = Output, K = Capital, L = Labor
* For the given technology
Marginal Revenue, Marginal Cost & Profit Maximization * Determining profit maximizing level of output - Profit (π ) = Total Revenue - Total Cost - Total Revenue (R) = Pq
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my assignment is about richardian model and wanna ask you about few questions
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