Concept of product in production function
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To satisfy the mathematical definition of a function, a production function is customarily assumed to specify the maximum output obtainable from a given set of inputs. ... Under certain assumptions, the production function can be used to derive a marginal product for each factor.
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The production concept is the most operations-oriented than any of the other marketing concepts on this list. It speaks to the human truth that we prefer products that are easily available and inexpensive. This concept was founded during the production era of early Capitalism in the mid-1950s.
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