What is production function?
Production
function: The basic relationship between the amount of inputs required and the
amount of output that can be obtained is called the production function.
It is
specifies the maximum output that, can be produced with a given quantity of
inputs. It is defined for a given state of engineer and technical knowledge.
Algebraically,
Q=f(L,K,M)
Q
stands for quantity Output.
L
stands for Labor.
K
stands for Capital.
M
stands for raw materials.
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