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Production set. In economics the production set is a construct representing the possible inputs and outputs to a production process. A production vector represents a process as a vector containing an entry for every commodity in the economy.
In economics the production set is a construct representing the possible inputs and outputs to a production process. A production vector represents a process as a vector containing an entry for every commodity in the economy.
A set is artificially constructed scenery used in film and TV. In the latter two cases there are many reasons to build or use a set instead of travelling to a real location, such as budget , time, the need to control the environment, or the fact that the place does not exist.
Jan 5, 2013 · Summary. In this chapter we introduce the basic concept of the production set of an economy and discuss some of its properties (Section 3.2). We shall describe how the production set can be viewed as the aggregate of a population of firm-specific technologies (Section 3.3).
View all related items in Oxford Reference ». The set of technologically feasible input–output combinations for an individual firm or for an economy as a whole. The production function is the upper boundary of the production set and represents efficient input–output combinations.
Mar 22, 2024 · The production set is a concept in economics that refers to all the combinations of inputs used by a firm or an economy to produce different levels of outputs. It’s a representation of the technological capabilities and limitations of a production process, illustrating the maximum output that can be achieved from a given set of inputs.
One way to describe a production set is to use a production function. Example 13.1.1: We start with a continuous production function f: Rm + → R +. There are m inputs to such a production function, and one output, meaning that the associated production set must lie in Rm+1. We define the production set Y as follows. Label goods so that good ...
