Home | | Business Maths 11th std | Production function and marginal productivities of two variables

Applications of partial derivatives - Production function and marginal productivities of two variables | 11th Business Mathematics and Statistics(EMS) : Chapter 6 : Applications of Differentiation

Chapter: 11th Business Mathematics and Statistics(EMS) : Chapter 6 : Applications of Differentiation

Production function and marginal productivities of two variables

Applications of partial derivatives

Applications of partial derivatives

In this section we solve problems on partial derivatives which have direct impact on Industrial areas.

Production function and marginal productivities of two variables

(i) Production function:

Production P of a firm depends upon several economic factors like capital (K), labour (L), raw materials (R),machinery (M) etc… Thus P = f(K,L,R,M,…) is known as production function. If P depends only on labour (L) and capital (K), then we write P=f(L,K).

(ii) Marginal productivities:

Let P = f(L,K) be a production function. Then P/L is called the Marginal productivity of labour and P/L is called the Marginal productivity of capital.

Euler’s theorem for homogeneous production function P(L,K) of degree 1 states that


Tags : Applications of partial derivatives , 11th Business Mathematics and Statistics(EMS) : Chapter 6 : Applications of Differentiation
Study Material, Lecturing Notes, Assignment, Reference, Wiki description explanation, brief detail
11th Business Mathematics and Statistics(EMS) : Chapter 6 : Applications of Differentiation : Production function and marginal productivities of two variables | Applications of partial derivatives

Related Topics

11th Business Mathematics and Statistics(EMS) : Chapter 6 : Applications of Differentiation


Privacy Policy, Terms and Conditions, DMCA Policy and Compliant

Copyright © 2018-2023 BrainKart.com; All Rights Reserved. Developed by Therithal info, Chennai.