About Lesson
- Level of output of a particular commodity depends upon the quantities of inputs used for its production.
- This relationship between inputs and outputs can be characterized as a production function.
- Thus, it implies to the quantitative aspects of the process of production.
- There exist three types of production relationships. They are:
a) Factor-product relationship ( Input-output relationship)
b) Factor-factor relationship ( Input-Input relationship)
c) Product-Product relationship ( Output-Output relationship)
