MICROECONIMICS
5th Edition
ISBN: 9781319372101
Author: KRUGMAN
Publisher: MAC HIGHER
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Question
Chapter 11, Problem aWYWL
To determine
To Define:
Production Function of Firm
Concept Introduction:
Production function is the relation between the physical output of the production process and the physical inputs are the factors of production.
Expert Solution & Answer
Explanation of Solution
Production is the result of the co-operation of various factors of production named as Land, Labour, Capital and Entrepreneurship.
Production function is the function relationship between the quantity of output and the factors of production. It reflects how much output can be produced with the given quantity of labour and capital.
It can be expressed as
Q = f (L, C, M)
Where
Q is the quantity of output and
L is labour
C is capital and
N is land
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