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Question
What Is the Law of Production Function?
What Is the Law of Production Function?
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Solution
Production function studies the relationship between physical output of production and the physical inputs or factors of the production process.
It can be represented as
Q =F(K,L)
Where
Q = Production
K= Capital
L = Labour
In other words, output is a function of capital and labour.
Also read:
Learn about more questions and answers on business studies and various other commerce topics from our website.
Production function studies the relationship between physical output of production and the physical inputs or factors of the production process.
It can be represented as
Q =F(K,L)
Where
Q = Production
K= Capital
L = Labour
In other words, output is a function of capital and labour.
Also read:
Learn about more questions and answers on business studies and various other commerce topics from our website.
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