Production Function:
The functional relationship among inputs and outputs is termed as production function. Inputs refer to the factor services that are employed in production that is, land, labor, capital and enterprise. Output refers to the volume of goods generated. Given technical circumstances, the production function exhibits how a certain amount of inputs will outcome in the production of a certain amount of yield of a commodity. The production function is specified as:
Q = f (x1, x2, x3 ….xn) in which
Q is the quantity generated during a specified period of time and x1, x2, x3 ….xn are the quantities of various factors employed in production. The production function elucidates how the output can be maximized with the aid of given inputs.
To understand the different phases of the production functions, it is necessary to understand the relationship among
(i) Marginal Product and Total Product and (ii) Marginal Product and Average Product (the table and figure is as shown below)
Table: Stages of Law of Variable Proportions
Figure: Law of Variable Proportions
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