10. Define production function.
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In economics, a production function gives the technological relation between quantities of physical inputs and quantities of output of goods
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Production function refers to the functional relationship between the quantity of a good produced (output) and factors of production (inputs). ... It shows the flow of inputs resulting into a flow of output during some time. The production function of a firm depends on the state of technology.
The production function is expressed in the formula: Q = f(K, L, P, H), where the quantity produced is a function of the combined input amounts of each factor.
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