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Define production function?
Production function refers to the functional relationship between (physical) input and (physical) output
What production function explain relationship between?
output and exports
A production function measures the relation between?
The production function is a unit of measurement used in economics. The function measures the relationship between the quantities of productive factors and the amount of product obtained.
Is the relationship between input n output is known as production function?
yes
What is the relationship between the indirect utility function and the Cobb-Douglas production function in economic theory?
In economic theory, the indirect utility function represents the maximum utility a consumer can achieve given their budget constraint. The Cobb-Douglas production function, on the other hand, describes the relationship between inputs and outputs in production. The relationship between the two lies in how they both help analyze and optimize decision-making in economics, with the indirect utility function guiding consumer choices and the Cobb-Douglas production function informing production decisions.
Which two variables depicted on the production function depictes a relationship?
: It depicts a relationship between output and a given input.
What is the relationship between the cost function and the production function in the context of manufacturing processes?
The cost function and the production function are closely related in manufacturing processes. The production function determines the output level based on inputs like labor and capital, while the cost function calculates the expenses incurred to produce that output. By analyzing the relationship between the two functions, manufacturers can optimize production efficiency and minimize costs.
What is a hidden production function?
In the field of economics, a production function is a calculation that explains the relationship between what it costs to produce goods and the actual quantity of goods you were able to produce. An example of a "hidden" production function would be money transfers at banks.
What is the production function and types of production function?
production function is relation between firm's production and material factors of production
Describe the production function with one variable input and explain the relationship between TPMP and AP curves and the three stages of production?
there are three stages of production mp>ap
What is the explanation for the relationship between production and consumption?
between consumption production
Relationship between purchasing department and production department?
Describe the relationship between the purchasing and production of a manufacturing company
