Disadvantages Of Production Research

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1. What are production function and its uses? Explain the two types of production functions? Production is the process in which a physical input transforms itself into a physical output. There varied factors of production also known as inputs; such as land labour, capital and organisation etc. The result of the production thus is creation of new utilities or addition of values, thus increasing the consumer satiability of goods and services. The relationship which exists between the physical inputs of production process to the physical output is known as a production function. The main purpose of the production function is to address the allocative efficiency that is the technological and engineering relationship between the physical factor inputs in the production, to the determining resulting physical output obtained by a firm. It also determines the flow of inputs to the flow of outputs in a specific period of time, specifying the rate of outputs to input defining in the form of tables, flowcharts, graphs or an equation. On a whole as it creates a unique relationship between the input and the output, it is also called as “input- output relationship. The production functions are determined by the quantum of technology, availability of raw materials, tools and equipment’s acquired by the organisation. It is usually represented in the form of mathematical equations where the factor output is termed as Q and the other factors involved are the functions of inputs like fixed
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