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Question
Define production function.
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Solution 1
A production function indicates the highest amount of a product that can be made in a specific time frame using a set amount of inputs, utilising the best available production method.
Solution 2
A production function shows the maximum quantity of a commodity that can be produced per unit of time with the given amount of inputs when the best production technique available is used. A production function can be expressed in the form of a table, graph or algebraic equation. In the form of an algebraic equation, the production function for a good may be expressed as:
QX = f(F1, F2...Fn) Where OX is the quantity of output of the commodity X: and F1, F2 ... Fn are the quantities of different inputs used to produce the commodity X.
Notes
Students should refer to the answer according to their preferred marks.
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