Production means a process by which resources(men,material,time,etc.) are transformed into a different and more useful commodity or services.
OR
In general sense ,Production means transforming inputs into an output.
Production Function states the relationship between inputs and outputs in the form of an equation,a table or a graph. It specifies the inputs on which the production of a commodity or service depends. A production function may take the form of a schedule or a table ,a graphed line or curve,an algebraic equation or a mathematical model.
Q=F(K,L) where L-labour
K-Capital
Lets take an example of algebraic form of production Function,let us suppose that a coal mining firm employs only two inputs- capital(K) and labour(L) in its coal production activity.As such,the general form of its production function may be expressed as
Qc=f(K,L)
Where Qc=the quantity of coal produced per time unit
K=Labour & L =Labour.
OR
In general sense ,Production means transforming inputs into an output.
Production Function states the relationship between inputs and outputs in the form of an equation,a table or a graph. It specifies the inputs on which the production of a commodity or service depends. A production function may take the form of a schedule or a table ,a graphed line or curve,an algebraic equation or a mathematical model.
Q=F(K,L) where L-labour
K-Capital
Lets take an example of algebraic form of production Function,let us suppose that a coal mining firm employs only two inputs- capital(K) and labour(L) in its coal production activity.As such,the general form of its production function may be expressed as
Qc=f(K,L)
Where Qc=the quantity of coal produced per time unit
K=Labour & L =Labour.
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