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  2. 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.

  3. Feb 29, 2024 · Production Function is the relationship between physical inputs (land, labour, capital, etc.) and physical outputs (quantity produced). It is a technical relationship (not an economic relationship) that studies material inputs on one hand and material outputs on the other hand.

  4. Aug 21, 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.

  5. A production function is a mathematical expression that shows the relationship between a firm's inputs and outputs. Learn how to differentiate between fixed and variable inputs, total and marginal product, and diminishing marginal productivity in the short run and long run.

  6. In simple words, production function refers to the functional relationship between the quantity of a good produced (output) and factors of production (inputs). “The production function is purely a technical relation which connects factor inputs and output.”

  7. 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.

  8. Jul 17, 2023 · 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.

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