Concept Of Production And Production Function

Production is the process in

Production is the process in which some materials are transformed from one form to another. It also means creation of utility through form change or l

Utility is created when a commodity

Utility is created when a commodity becomes more useful. A carpenter converting wood into a table and transport of Yamuna sand to construction sites a

The person who creates utility

The person who creates utility is called a producer.

The cost paid by a producer

The cost paid by a producer to acquire inputs is called cost of production.

Production function is the functional relationship

Production function is the functional relationship between physical inputs and physical output, written as Q = f(F1, F2, F3, ... FN). It is a physical