Define production function Distinguish between short run and long run production functions CBSE Class 12 Economics 2016

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Define production function. Distinguish between short run and long run production functions. - CBSE Class 12 Economics 2016

Appeared in CBSE economics class 12, 2016, Delhi, Set 1 paper


By:Aparna-Dasgupta

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Production function is the relationship between physical input such as labour, capital and
physical output of a good. It is expressed in the following form: q = f (x1, x2). It means by
using x1 amount of factor 1 and x2 amount of factor 2, you will be able to produce q amount
of good.

Costs are the total of expenditure incurred by the producer in producing a good. It includes the
cost of factor inputs and non-factor inputs of the production of a good.





milan-ransingh

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