What is a production function? What does it describe? How is it used?

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Economics

What is a production function? What does it describe? How is itused?

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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 The production See Answer

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What is a production function? What does it describe? How is it used?

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What is a production function? What does it describe? How is itused?

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