Term Paper Contents: Every firm produces different kinds of output.But while producing output firms have objectives of maximizing profit and reducing costs.Firm take decision about the different factors of production and become competitive in the market.
Term Paper Contents: Every firm produces different kinds of output.But while producing output firms have objectives of maximizing profit and reducing costs.
It is also called as Production Possibility Frontier (PPF).
Such PPF shows the different combinations of the inputs to output.
It means the time dimension of specific inputs used in output.
The production possibility frontier differs in terms of nature of output.
For reducing costs, firms are using number of techniques.
Sometimes labor insensitive and sometimes capital intensive techniques are used for production. The wage of the workers, interest payment, increases the cost of production.Most of the time such replacements of factors of production are depending on factor rewards and endowments.In labor abundant region, more labor intensive goods are produced.All the factors of production are utilized in a best manner to maintain maximum profit.For maximum profit, firms’ uses number of alternative methods of production on regular basis.The production plan of any firm is a vector Y in R Every firm has two types of production function.First is the conventional production function and secondly the new or innovative production function.Here is a term paper on the ‘Production Function’ for class 9, 10, 11 and 12.Find paragraphs, long and short term papers on the ‘Production Function’ especially written for school and college students.Some commodities required different proportions of capital and labor.Some production functions have the same proportion of labor and capital.