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Apr 4, 2024 · The production function is a mathematical equation determining the relationship between the factors and quantity of input for production and the number of goods it produces most efficiently. It answers the queries related to marginal productivity, level of production, and cheapest mode of production of goods.
In economics, a production function gives the technological relation between quantities of physical inputs and quantities of output of goods. The production function is one of the key concepts of mainstream neoclassical theories, used to define marginal product and to distinguish allocative efficiency, a key focus of economics
Learning Objectives. Explain the concept of a production function. Differentiate between fixed and variable inputs. Differentiate between total and marginal product. Describe diminishing marginal productivity.
Feb 29, 2024 · What is Production Function? Production Function is the relationship between physical inputs (land, labour, capital, etc.) and physical outputs (quantity produced).
Define the production function. In economics, a production function relates physical output of a production process to physical inputs or factors of production. It is a mathematical function that relates the maximum amount of output that can be obtained from a given number of inputs – generally capital and labor.
Production functions describe how output is determined by various inputs. The short run is defined as the period of time in which at least one input is fixed. Anything longer than that is considered the long run.
production function, in economics, equation that expresses the relationship between the quantities of productive factors (such as labour and capital) used and the amount of product obtained.
