production function

Linear programming model is the main method used for optimal resource allocation

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The input-output and linear programming models are widely used qualitative models for economic planning.

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Input-output model emphasizes the production amount needed by each sector to meet the

total final demand of any product

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The functional relationship between physical inputs and

physical output of a firm is known as consumtion function

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Production function is a transformation of physical inputs in to physical outputs

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production function states the maximum quantity of output that

can be produced from any given quantities of various inputs

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Production function is of two qualitatively different forms. It may be either fixed-

proportion production function or variable proportion production functions

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labour and capital, must be used in a definite fixed proportion in order to produce a given level of output

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to know how best to manage limited resources such as land, labor, and technological capital

to maximize output by using production function analysis.

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The production function of CDs, according to many economists,

is a realistic estimate of how capital and labor are converted into commodities and services in the real world

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