Answer :

Production function is the relation 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.



OR


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.



Rate this question :

How useful is this solution?
We strive to provide quality solutions. Please rate us to serve you better.
Try our Mini CourseMaster Important Topics in 7 DaysLearn from IITians, NITians, Doctors & Academic Experts
Dedicated counsellor for each student
24X7 Doubt Resolution
Daily Report Card
Detailed Performance Evaluation
caricature
view all courses
RELATED QUESTIONS :

When does the shiEconomics - Board Papers

What happens to tEconomics - Board Papers

Define fixed costEconomics - Board Papers

What is the relatEconomics - Board Papers