The technology of production the production process-, Ask an Expert

Economics

The Technology of Production

* The Production Process

- Combining inputs or the factors of production to attain an output

* Categories of Inputs (or the factors of production)
- Materials

- Labor

- Capital

* Production Function:

- Indicates highest output which a firm can produce for every specified combination of inputs given the state of technology.

- Shows what is feasible technically when firm operates efficiently.

* The production functions for the two inputs:

Q = F(K,L)

Q = Output, K = Capital, L = Labor

* For the given technology

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M9511070

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