VISHAL TUITION CLASSES, ASANSOL

              Production FUNCTION                   WEST BENGAL H.S.            WBCHSE CLASS 12TH       CLASS 12 MICRO ECONOMICS           Syllabus of This Chapter Production function,  short period,  long period,  fixed factors,  v ariable factors,  concepts like total product,  average product,  marginal product and  their interrelationships- TP, MP & AP (VVI)  Law of variable proportion  KEY NOTES PRODUCTION FUNCTION The relationship between physical input and physical output of a firm is generally referred to as production function. The general form of production function is, q = f ( x1, x2) where, q = output, x1 = 1 input like labour, x2= another input like machinery. 2. Variable factors refer to those factors, which can be changed in the short run. They vary directly w...