Production Functions—Two Special Cases Assignment Help
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The maximum output that can be formed from a given input is production function. There are moments in which two inputs are substituted with two other inputs, and the same number of output has been availed. Linear production function takes place when all the inputs are increased in same manner leading to same output level. And there is mathematical calculation involved in it. The formula is well explained for the student to answer in production functions—two special cases assignment help from myhomeworkhelp.com
Examples of production function
A company making burger can use a particular set of beef only and can substitute with another set of beef. For example, if a company plans to make a burger using only Canadian beef and substitute with American beef, then perfect substitution takes places, and production function on both inputs should be calculated. The other method is to go for balanced approach, and in this, both kinds of beef are perfectly balanced and placed in same burger.
Musical tools can be manufactured by two processes. They can be automating production with full machines being used, and other is the balanced approach with less machine and high labor. If the output is same for given time for the two set of parameters, then production function found to be same. There are mathematical formulas that would be used in assignment when students seek help on production functions—two special caseshomework help
There are occasions in which no input substitution is possible and maximum output can be received only if an input is increased. And there are chances when an input is increased beyond a level, diminishing marginal returns take place. Students would need to seek production functions—two special cases assignment help as this topic is highly technical.
There are cases in which production functions work better in agriculture. A person who is using a machine for cutting grass on his land can substitute the machine with another one that increases the area cut within time. If the second machine substitutes are of higher value, total cost has to be calculated and evaluated with a machine that is less in costing and gives output. There is an occasion in which machine would cost more than labor, and this calculation is necessary to make a business viable.
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