Linear Homogeneous Production Function

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Linear Homogeneous Production Function The Linear Homogeneous Production Function implies that fall the factors of’production are increased in slime proportion. the output also increases in the same proportion. That is. the doubling of all inputs will double the output and trebling them will result in the trebling of the output, aim so on. This represents a case of constant returns to […]

PRODUCTION FUNCTION: INPUT-OUTPUT RELATIONSHIP

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PRODUCTION FUNCTION: INPUT-OUTPUT RELATIONSHIP Thus, the production fun yon expresses the relationship between Nunavut of output and the quantities of various inputs u 111 production. The physical relationship between 3 firm’s physical input and output depends on a given cut technological knowledge. Like demand, production function refers to a period of time. Accordingly , It refers to a now of inputs resulting in a […]

EFFICIENT ALLOCATION OF RESOURCES

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EFFICIENT ALLOCATION OF RESOURCES We have been examining the problem (If resource allocation from the point of view of an individual fin. Let us widen the horizon and try to see how the resources of the entire economy can he most efficiently utilized. What. in other words. is the criterion for the optimum utilization of the country’s resources? In a free […]

PRODUCTION POSSIBIUTY CURVE

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PRODUCTION POSSIBILITY CURVE We know that the cortices,both human and material, at the disposal of the community are strictly limited and they are ca  of alternative uses, whereas we want to price innumerable commodities, i.e., the ends are unlimited. We have, therefore, to choose the most desirable assortment of goods that we can produce with the resources that we command and  a given state of […]