Classification of Production function:Production function might be categorized into two:
1. Short-run production function that is studied via Law of Variable Proportions.2. Long-run production function that is described by Returns to ScaleShort-run production function: The law of variable proportions:
The law inspects the relationship among one variable factor and output, maintaining the quantities of other factors fixed.
Definition:
Since the proportion of one factor in a combination of factors is raised, after a point, at first the marginal and then the average product of that factor will reduce.
Long-run production function - Returns to Scale:
In the long run, every factor can be modified. Returns to scale studies the modifications in output when all factors or inputs are modified. The raise in scale means that all inputs or factors are raised in similar proportion.
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