Production Function Graph. The simplest possible production function is a linear production function with labor alone as an input. Be Sure To Plot The First Point At 00.
On the other hand the long-run production function can be algebraically represented as follows. Q L M N C T Given T if the quantities of all inputs L M N ะก are increased n-fold the output Q also increases n-fold. The concept of production function describes the ways in which a firm uses its factors of production and combines them to produce different level of outputs.
Plot Your Points In The Order In Which You Would Like Them Connected.
Cobb-Douglas constant returns to scale production function. Be Sure To Plot The First Point At 00. A production function can be an equation table or graph showing a maximum amount of a commodity that a firm can produce from a given set of inputs during a period of time. Trees cut down per day depends only on changing the amount of labor employed eg.
