Production with Two Variable Inputs Assignment Help
Understanding and Analyzing Production with Two Variable Inputs
Production function value can be changed by changing the input value, and the output value is recorded and studied in detail. There are cases in which two input values are changed, and the level of output is studied. Production happens when man, material and time are turned into an available product.
The production function can be explained in a simple example. Suppose a person wants to produce oranges. The person would need some land, water, manure, a good plan for developing the orange. This becomes the input factor, and when input factor is done well, the output factor orange becomes good.These type of real life examples are written in production with two variable inputs assignment help.
In the same manner, input functions are many, and when production function is made to two of labor and capital, we would say that production with two variable inputs.
Labor and capital are the two input functions that are normally changed. An increase of labor or capital to produce the same output would lead to a condition called marginal rate of technical substitution production. Its function is supposed to use graph, diagrams and mathematical tables. This is clearly explained in the production with two variable inputs assignment help done by myhomeworkhelp.com
Example of marginal rate of technical substitution
100 units of shoes are produced using 60 units of labor and 40 units of capital. If production company changes it to 60 units of capital and 40 units of labor, then marginal rate of technical substitution should be found out. And that also means production with two variable inputs. Student may feel confused about the technical knowledge involved in production functions and can seek production with two variable inputs homework help with myhomeworkhelp.com
There are cases in which one input can be perfectly substituted with another. And in some cases, the perfect substitution may never take place. For example in making of ice cream, a production can take place with fully reamed milk and in some cases substitution like condensed milk and milk powder can be used in place of full cream milk.
The return to scale is another important aspect that is closely associated with the production of two variable inputs. And the law of diminishing margin returns is also important for understanding production variable.
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