PRODUCTION POSSIBILITY CURVE AND PRODUCTION FUNCTION
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...
PRODUCTION POSSIBILITY CURVE AND PRODUCTION FUNCTION
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...
PRODUCTION POSSIBILITY CURVE AND PRODUCTION FUNCTION
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...
PRODUCTION POSSIBILITY CURVE AND PRODUCTION FUNCTION
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,...
