A given output can be produced with many different combinations of factors of production (land, labor, capita! Variable Elasticity Substitution Production Function. and organization) or inputs. Constant Elasticity of Substitution Production Function and 4. Increasing marginal costs can be identified using the production function. The functional relationship that exists between physical inputs and physical output of a firm is called production function. It is a mathematical function that relates the maximum amount of output that can be obtained from a given number of inputs - generally capital and labor. ADVERTISEMENTS: Four most important production functions are: 1. The output, thus, is a function of inputs. Product excel function is an inbuilt mathematical function which is used to calculate the product or multiplication of the given number provided to this function as arguments, so for example, if we provide this formula arguments as 2 and 3 as =PRODUCT (2,3) then the result displayed is 6, this function multiplies all the arguments. Cobb-Douglas Production Function 3. It takes the form f (x 1, x 2, …, x n) = a 0 x 1 a 1 x 2 a 2 … x n a n. The constants a 1 through an … If a firm has a production function Q=F(K,L) (that is, the quantity of output (Q) is some function of capital (K) and labor (L)), then if 2Q

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