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12th Class Economics Solved Paper - Economics 2011 Outside Delhi Set-I

  • question_answer
    Define Production Function.

    Answer:

    The technical and technological relationship between inputs and output is known as production function. In other words, the physical relationship between inputs and outputs under given technology is called production function. Algebraically, a production function can be represented as:
                \[{{Q}_{x}}=f(L,\,K)\]
    Where,
    L represents units of labour used (input one)
    K represents units of capital used (input two)
    \[{{Q}_{x}}\]represents units of output x produced (output)


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