Overview: Production is the transformation of inputs into
outputs. Inputs are the factors of production -- land, labor, and
capital -- plus raw materials and business services.
The transformation of inputs into outputs is determined by the technology
in use. Limited quantities of inputs will yield only limited quantities
of outputs. The relationship between the quantities of inputs and
the maximum quantities of outputs produced is called the "production
function."
Tags: Production Function, Production Function Example
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Source: drexel
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