PRODUCTION ANALYSIS toil implies the transformation of i/p into o/p. It is an activity which increases consumer usability of goods and services The toil use is a purely technological affinity ,which relates factor i/p and o/p i.e. transformation of factor i/p into outputs at each particular time period It gives us the maximum amount of o/p that can be obtained by employing different i/p Y = f ( L,K,S) WhereY is o/p ( production ) L is labour K is capital S is land Each production club soda off and the given(p) i/p o/p resembling atomic number 18 specified in relation to a given unit of time. It is based on the arrogance that the state of engineering science is given and o/p can be change magnitude by increase i/p. Production function changes if engine room changes. at that place are ii kinds of i/p o/p relations in production function : improvident take to the wood s Production function : I/p o/p relations where some i/p are immovable while quantities of other i/p vary. cardinal situations in this context : a. P.F. with unmatched variant i/p b.P.F. with cardinal covariant i/p Long Run Production function : where all i/p are inconstant In the LR banknote b/w fixed and variable i/p disappears . Firms can enter or expire only in the LR as it involves varying of the fixed factor.
hold in Product (TP) : Total volume of goods and service produced The total product c- gives the maximum amt of o/p that can be prod uced at different take aims of one i/p ,ass! uming that the other i/p is fixed at a particular level Average Product (AP) : AP = TP or TP ----- ---------------------------------- L No. of units of the variable factor Marginal Product ( MP): MP is the addition to TP due to the addition of one unit of the variable i/p to the production process , the fixed i/p remain unchanged Short Run Production...If you want to sterilise a full essay, order it on our website: OrderCustomPaper.com
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