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All the factors of production are utilized in a best manner to maintain maximum profit.
It means the time dimension of specific inputs used in output.
The production possibility frontier differs in terms of nature of output.
Most of the time such replacements of factors of production are depending on factor rewards and endowments.
In labor abundant region, more labor intensive goods are produced.
In the short run, the production function is denoted as Y (Z).
Manufacturing Term Papers
It consists of all feasible net output bundles consist with the constraints level Z.At the same time, capital intensive goods are produced in developed countries.But in any production function, capital and labor intensive techniques are used.Term Paper Contents: Every firm produces different kinds of output.But while producing output firms have objectives of maximizing profit and reducing costs.The production plan of any firm is a vector Y in R Every firm has two types of production function.First is the conventional production function and secondly the new or innovative production function.Firm keep the production constant but it used the number of techniques to reduce different costs. Such inputs used in production function are labor, machinery, land etc.From the available resources, firm produces the maximum quantity of goods.But in the long run, such factors may be variable in their nature.Therefore firms ‘technological possibility set may change.