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Production function
Equation that expresses the relationship between the quantities of productive factors (such as labour and capital) used and the amount of product obtained. It states the amount of product that can be obtained from every combination of factors, assuming that the most efficient available methods of production are used. The production function can thus measure the marginal productivity of a particular factor of production and determine the cheapest combination of productive factors that can be used to produce a given output.
What else can I help you with?
What is the production function and types of production function?
production function is relation between firm's production and material factors of production
How can one derive a cost function from a production function?
To derive a cost function from a production function, you can use the concept of input prices and the production technology. By determining the optimal combination of inputs that minimizes cost for a given level of output, you can derive the cost function. This involves analyzing the relationship between input quantities, input prices, and output levels to find the most cost-effective way to produce goods or services.
Is production a stock and income a flow?
yes, production is a stock concept and income is a flow concept.
What is short run production function?
if at-least one factor of production is constant, production function is infact short-run production function
What sources shift production function?
s shift in production function
Is 'marketing' philosophy or a function?
Marketing is both a philosophy and a function !! Marketing can be used as a function for a business to sell its products but it is also a philosophy, infact there are 5 marketing management philosophies or concepts which organisations use to design and carry out their marketing startegies. Namely, Production concept, product concept, selling concept, marketing concept and societal-marketing concept.
What is the production function and types of production function?
production function is relation between firm's production and material factors of production
How can one derive a cost function from a production function?
To derive a cost function from a production function, you can use the concept of input prices and the production technology. By determining the optimal combination of inputs that minimizes cost for a given level of output, you can derive the cost function. This involves analyzing the relationship between input quantities, input prices, and output levels to find the most cost-effective way to produce goods or services.
What are the four marketing concept?
production concept marketing concept selling concept product concept
Is production a stock and income a flow?
yes, production is a stock concept and income is a flow concept.
Contrast product and production concept?
There are a few different contrasts between product and production concept. Production concept is the general idea of how something will be done and product is what is actually produced.
What is short run production function?
if at-least one factor of production is constant, production function is infact short-run production function
What are the production function of Mc Donalds?
what is mcdonalds production function
What is a director's concept?
The Director's Concept: A central idea that unifies all elements of the production to make it unique. (also known as the Production Concept)
Is apple Selling Concept Or Marketing Concept?
No it is a production concept as of October 2011
What sources shift production function?
s shift in production function
Selling concept and production concept which concept is the best concept for short-run?
ask your mother?lol
