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The classical P.F. is concerned with the short run and this production function states that production depends upon unit of labor only while wealth etc. is kept constant it is as:
Q = f (L) K.Classical are of the view that keeping the other factors constant if we go on employ the units of labor. The total production will increase at different rates. In other words the rate of change in total product which is call marginal product may increase may remain constant and may decrease.
Traditionally speaking by employing more labor if marginal product (MP) increase such will demonstrate the operation of, law of increasing returns. If MP remains constant such depicts the situation of tenet of constant returns and MP falls such situation means the law of decrease returns. All this denotes that the classical production function describes the three directive of production. But now a day these three laws of return are presented near one law, the variables of variables proportion.
By having employed a certain number of labors whatsoever is produced by firms represents the total output of the firm. If firm produces 50 motorcycles by employ 10 labors such will represents total output or total product of the firm.
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What is the production function and types of production function?
production function is relation between firm's production and material factors of production
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
What is the managerial use of production function?
In microeconomics, a production function asserts that the maximum output of a technologically determined production process is a mathematical production of input factors of production.
How do you derive a cost function for a production function?
derive cost function from production function mathematically, usually done by utilizing mathematical optimization methods.
Classical and neo classical theories of international production?
which are the companies that are following the classical and neo classical theories of management????
What is the production function and types of production function?
production function is relation between firm's production and material factors of production
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 sources shift production function?
s shift in production function
What was the main economy of classical India?
agricultural production
Why was the technology of production less advanced in classical Mediterranean than in classical China?
There was a great reliance on slavery
What is the use of production function?
In microeconomics, a production function asserts that the maximum output of a technologically determined production process is a mathematical production of input factors of production.
What is the managerial use of production function?
In microeconomics, a production function asserts that the maximum output of a technologically determined production process is a mathematical production of input factors of production.
How does one figure the production function of their company?
One would have to figure out the production function of their company pretty early on. The production involves the things they make, and the function is what the product does.
How do you derive a cost function for a production function?
derive cost function from production function mathematically, usually done by utilizing mathematical optimization methods.
What is the key difference between the classical and Keynesian aggregate supply functions?
Classical Aggregate Supply function is vertical whereas the Keynesian Aggregate Supply function is positively sloped.
