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MICROECONOMICS CH : 7 PRODUCTION FUNTION AND RETURNS TO A FACTOR — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsMICROECONOMICS CH : 7 PRODUCTION FUNTION AND RETURNS TO A FACTOR2 Marks
Question
Explain the concept of a production function.
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Answer

Production function studies the functional relationship between physical inputs and physical output. It is expressed as under:
$Q _{ X }= f ( L , K )$
Here, $Q_x =$ Production of the commodity$-X; L =$ Units of labour; $K =$ Units of capital.

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