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Production Function A production function shows the functional relationship given by technology between a firm’s physical rates of input and its physical rates of output per unit of time. TPP = f ( a, b, c, … )

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Production Function. A production function shows the functional relationship given by technology between a firm’s physical rates of input and its physical rates of output per unit of time. TPP = f ( a, b, c, … ). Characteristics of a Production Function. - PowerPoint PPT Presentation

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Page 1: Production Function

Production Function

A production function shows the functional relationship given by technology between a firm’s physical rates of input and its physical rates of output per unit of time.

TPP = f ( a, b, c, … )

Page 2: Production Function

Characteristics of a Production Function

Production refers to the transformation of inputs into output;

A production function is a flow concept; A production function is a physical,

technological, or engineering concept, and yet it has an economic dimension to it; and

In production analysis, factors of production can be separated into fixed and variable factors.

Page 3: Production Function

Value Relationships

Value Total Product (TVP)

VTP = TPP * P Value Marginal Product (MVP)

VMP = MPP * P Marginal Revenue Product (MRP)

MRP = MPP * MR Marginal Factor Cost (MFC)

Page 4: Production Function

Functional Relationships in Value Terms

Input TPP MPP Price TVP MVP MFC3 50 20 $5 $250 $100 $254 65 15 5 325 75 255 75 10 5 375 50 256 80 5 5 400 25 257 83 3 5 415 15 258 84 1 5 420 5 25


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