define production function - EAS
- 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.
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What is Production Function? The production function of an enterprise is an association between inputs utilised and output manufactured by an enterprise. For various quantities …
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production function | economics | Britannica
https://www.britannica.com/topic/production-functionNov 02, 2022 · economics. production function, in economics, equation that expresses the relationship between the quantities of productive factors …
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The production function is a mathematical equation determining the relationship between the factors and quantity of input for production and the number of goods it produces most …
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noun. : the technical relationship between product output and the input of factors of production.
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Following are the main features of production function: 1. Substitutability: The factors of production or inputs are substitutes of one another which make it possible to vary... 2. …
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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 …
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Jan 17, 2021 · The production function is a statement of the relationship between a firm’s scarce resources (i.e. its inputs) and the output that results from the use of these resources. Inputs include the factors of production, such as …
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Mar 06, 2021 · Meaning of Production Function: – Production function is the equation that expresses the relationship between the quantities of productive factors (such as labour and capital) used and the amount of …
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The production function is the mathematical relationship between obtained outputs and utilised inputs. This can be displayed on the graph for a better grasp of the situation to the owner. The …
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Feb 01, 2022 · Production management means planning, organizing, directing, and controlling of production activities. Production management deals with converting raw materials into …
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