Production

Function
- Ramos Shanna Rose Gumabon -
What is
Producti A production function is an
economics concept that describes

on the connection between a firm's

i n p u t s , s u c h a s l a b o r, c a p i t a l ,

Function and raw materials, and its

outputs.

?
Law of
Diminishing Effect
According to the Law of
Diminishing Marginal
Returns, each unit's
output diminishes as a
firm increases one factor
of production because of
fixed input restrictions.
Insoquan
t
An isoquant is a graphical
representation used in
economics that
demonstrates all
conceivable combinations
of labor and capital and
aids firms in allocating
inputs effectively to attain
targeted output levels.
Isocost curve and its
heirarchy
DEFINITION HIERARCHY
An isocost curve By comparing them to isoquants
displays the different to establish the most cost-
input combinations a effective approach to produce
company can buy at a desired output, isocost curves
given cost, including and isoquants assist
labor and capital for a organizations in determining
certain spend. cost-minimizing input
combinations for output.
 In economics, productivity refers
to how effectively resources are
used to produce goods and
services, which is essential for

Productivity
boosting the economy and raising
people's standards of living.
References:
P r o d u ctio n f u n ctio n . ( 2 0 2 3 , J a n u ar y 3 ) . Wik ip ed ia. h ttp s ://en . w ik ip ed ia. o rg /w ik i/P r o d u ctio n _ f u n ctio n

Lutkevich, B., & Aberle, L. (2022, December 21). law of diminishing returns. Customer Experience.
h t t p s : / / w w w. t e c h t a r g e t . c o m / s e a r c h c u s t o m e r e x p e r i e n c e / d e f i n i t i o n / l a w - o f - d i m i n i s h i n g - r e t u r n s

K e n t o n , W. ( 2 0 2 3 , A p r i l 2 8 ) . I s o q u a n t C u r v e i n E c o n o m i c s E x p l a i n e d : P r o p e r t i e s a n d F o r m u l a . I n v e s t o p e d i a .
h t t p s : / / w w w. i n v e s t o p e d i a . c o m / t e r m s / i / i s o q u a n t c u r v e . a s p # : ~ : t e x t = T h e % 2 0 t e r m % 2 0 % 2 2 i s o q u a n t % 2 C % 2 2 % 2 0 b r o k e
n,or%20a%20production%20indifference%20curve.

I s o co s t. ( 2 0 2 2 , A u g u s t 1 6 ) . Wik ip ed ia.
https://en.wikipedia.org/wiki/Isocost#:~:text=An%20isocost%20line%20is%20a,curve%20is%20a%20straight%20l
ine%20.

Why is Productivity Important? : U.S. Bureau of Labor Statistics. (2020, June 24).
h t t p s : / / w w w. b l s . g o v / k 1 2 / p r o d u c t i v i t y - 1 0 1 / c o n t e n t / w h y - i s - p r o d u c t i v i t y - i m p o r t a n t / h o m e . h t m # : ~ : t e x t = Wi t h % 2 0 g r o
wth%20in%20productivity%2C%20an,as%20policymakers%20and%20government%20statisticians).
Thank
you