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Define Production Function. - Economics

Define production function.

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Solution

 

The production function is the relationship between physical input such as labour, capital and physical output of a good. It is expressed in the following form: q = f (x1, x2). It means by using x1 amount of factor 1 and x2 amount of factor 2, you will be able to produce q amount of good.



Concept: Meaning of Production Function
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