define production function
Understand the Problem
The question is asking for a definition of a production function, which is a core concept in economics that describes the relationship between inputs (like labor and capital) and the output produced. It essentially shows how much quantity of output can be produced given a certain amount of inputs. Understanding this will help clarify how businesses and economies operate efficiently.
Answer
A production function describes the relationship between inputs and output.
A production function describes the relationship between the quantities of inputs (such as labor and capital) used and the quantity of output produced.
Answer for screen readers
A production function describes the relationship between the quantities of inputs (such as labor and capital) used and the quantity of output produced.
More Information
A production function is essential in understanding the efficiency and capacity of a production process, by mathematically or graphically relating inputs to output.
Sources
- Production function - Britannica - britannica.com
- 9.1: The Production Function - Social Sci LibreTexts - socialsci.libretexts.org
- Production Function: Meaning, Features, and Types - GeeksforGeeks - geeksforgeeks.org
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