what is mean by production function?
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Definition: The Production Function shows the relationship between the quantity of output and the different quantities of inputs used in the production process. In other words, it means, the total output produced from the chosen quantity of various inputs.
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Production Function is the relationship between physical inputs and physical output.
Q = f (K, L, T)
Where,
Q = Output
f = Functional Relationship
K = Capital
L = Labour
T = Technology
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