What is meant by production function?

1.	What is meant by production function?
Answer» Prof. L.R. Klein: “The production function is a technical or engineering relation between input and output. As long as the natural laws of technology remain unchanged, the production function remains unchanged.” Prof. George J. Stigler: “Production function is the relationship between inputs of productive services per unit of time and outputs of product per unit of time.” Prof. Richard J. Lipsey: “The relationship between inputs and outputs is summarized in what is called the production function. This is a technological relation showing for a given state of technological knowledge how much can be produced with given amounts of inputs.”

Answer»

Prof. L.R. Klein: “The production function is a technical or engineering relation between input and output. As long as the natural laws of technology remain unchanged, the production function remains unchanged.”

Prof. George J. Stigler: “Production function is the relationship between inputs of productive services per unit of time and outputs of product per unit of time.”

Prof. Richard J. Lipsey: “The relationship between inputs and outputs is summarized in what is called the production function. This is a technological relation showing for a given state of technological knowledge how much can be produced with given amounts of inputs.”

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