Plzzz answer quickly. Explain the short run production function with the help of schedule and diagram
Dear Student,
Short run production function shows the functional relationship between factors of production where atleast one factor is fixed.In short run production function , we take plant and machinery and capital as fixed factor and labour as variable factor. In short run production , we assume that we can increase our output by increasing or employing more units of labour but cannot increase more units of machines or capital which are fixed factors as in short period it is not possible to purchase new machinery.
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Short run production function shows the functional relationship between factors of production where atleast one factor is fixed.In short run production function , we take plant and machinery and capital as fixed factor and labour as variable factor. In short run production , we assume that we can increase our output by increasing or employing more units of labour but cannot increase more units of machines or capital which are fixed factors as in short period it is not possible to purchase new machinery.
Hope this information will clear your doubts on this topic.
If you have any more doubts just ask on the forum and our experts will try to help you out as soon as possible.
Regards