Explain the feature of production function in business
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In economics, a production function relates quantities of physical output of a production process to quantities of physical inputs or production function refers as the expression of the technological relation between physical inputs and outputs of the goods. The production function is one of the key concepts of mainstream neoclassicaltheories, used to define marginal product and to distinguish allocative efficiency, a key focus of economics. The primary purpose of the production function is to address allocative efficiency in the use of factor inputs in production and the resulting distribution of income to those factors, while abstracting away from the technological problems of achieving technical efficiency, as an engineer or professional manager might understand it.
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In economics, a production function relates quantities of physical output of a production process to quantities of physical inputs or production function refers as the expression of the technological relation between physical inputs and outputs of the goods. The production function is one of the key concepts of mainstream neoclassicaltheories, used to define marginal product and to distinguish allocative efficiency, a key focus of economics. The primary purpose of the production function is to address allocative efficiency in the use of factor inputs in production and the resulting distribution of income to those factors, while abstracting away from the technological problems of achieving technical efficiency, as an engineer or professional manager might understand it.
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