PRODUCTION

FUNCTION
Meaning of production function.
Ways to express production functions.
Factors determining production function.

BY: ALVIN GOODLUCK

PRODUCTION FUNCTION
•Production function is a mathematical
expression of a technical relationship
between quantities of inputs and output
used in production.
WAYS TO EXPRESS
PRODUCTION FUNCTIONS
Form of a chart/table.
Form of a graph.
Form of a equation.
FACTORS DETERMINING
PRODUCTION FUCTION
Quantity of resources available
The larger the amount of input used in the production process the

larger the amount of output will be produced.

State of technology
The higher the technology the higher the output and viseversa.
FACTORS DETERMINING
PRODUCTION FUCTION
The size of the firm
Larger firms have the ability to produce large amount of output due
to large amount of resources and the use of advanced technology.

Price of factors of production.

Price of factors of production determines the choice of factors of
production. When price of factors of production are relatively low
producers will employ more unit of input which will increase output.
Political and social stability
A stable political and social situation in a country provides a
conductive environment for growth of economic activities and
therefore leads to the increase in output.