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Darucha

Member
Dec 28, 2020
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150
What are the main types of production function and what are their application in economic problem?
 

EllySkyWilly

JF-Expert Member
Aug 28, 2020
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What are the main types of production function and what are their application in economic problem?

Production Functions.

Application of production function.

1. Production function is used to determine how much output should be produced by the firm given the price of a good,
2. Its also used to determine what combination of inputs should be used to produce given the price of capital and labor.
3. Production function is used to identify increasing marginal costs


By ellyskywilly, mtundu wa uchumi.
 

Darucha

Member
Dec 28, 2020
66
150
Production Functions.

Application of production function.

1. Production function is used to determine how much output should be produced by the firm given the price of a good,
2. Its also used to determine what combination of inputs should be used to produce given the price of capital and labor.
3. Production function is used to identify increasing marginal costs


By ellyskywilly, mtundu wa uchumi.
Asante Sana bro
 

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