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production function |
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production functionEquation that expresses the relationship between the quantities of productive factors (such as labour and capital) used and the amount of product obtained. It states the amount of product that can be obtained from every combination of factors, assuming that the most efficient available methods of production are used. The production function can thus measure the marginal productivity of a particular factor of production and determine the cheapest combination of productive factors that can be used to produce a given output. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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The body production functions at Vehicle Production Dept. An improvement in the technology level in the economy will raise returns on both labor and capital, as reflected in the neoclassical production function. Previous studies on economies of scale of libraries using the Cobb-Douglas production function ignored that very nature of libraries and used a single output variable for estimating economies of scale of libraries. |
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