How many types of production function ?|what is relationship between total product and marginal product ?|what is production function ?
What is meant by production function ? This relationship between physical inputs (such as 20 units of capital and 15 units of labor) and physical output (200 units of goods produced) is called the production function. How many types of production function ? There are two types of production function: i) Short run production function ii) Long run production function short run production function It is a production function in which factor proportions change with a change in the level of output. long run production function It is the production function in which the factor proportion does not change with the change in the level of output. fixed and variable factors Fixed Factors: Fixed factors are those factors whose use does not change with the change in output. eg: machine Variable Factors: Va...