what is production function
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Production function, in economics, equation that expresses the relationship between the quantities of productive factors (such as labour and capital) used and the amount of product obtained. ... It can also be used to determine the cheapest combination of productive factors that can be used to produce a given output.
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Actually it is the mathematical method of describing the relationship between the quantity of inputs utilized by a company and how much it produces with them (output), i.e. a mathematical way to describe the input-output relationship.
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