What are the main types of production function and what are their application in economic problem?
Asante Sana broProduction 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.
okayAsante Sana bro