Practicing Success
Practicing Success
CUET Preparation Today
| What is production function of a firm? |
Combination of quantities of labour and capital that a firm uses to produce maximum and constant output. It is a relationship between inputs used and output produced by the firm. For various quantities of inputs used, it gives the maximum quantity of output that can be produced. A production
function tells us the maximum amount of wheat he can produce for a given
amount of land that he uses, and a given number of hours of labour that he
performs. All of the above |
| All of the above |
