Difference between revisions of "Production function"
(Created page with "Production function is the process of a firm turning economic inputs like labor, machinery, and raw materials into outputs like goods and services used by consumers. ==De...") |
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According to [[Principles of Economics by Timothy Taylor (3rd edition)]], | According to [[Principles of Economics by Timothy Taylor (3rd edition)]], | ||
:[[Production function]]. The process of a firm turning economic inputs like labor, machinery, and raw materials into outputs like goods and services used by consumers. | :[[Production function]]. The process of a firm turning economic inputs like labor, machinery, and raw materials into outputs like goods and services used by consumers. | ||
| + | According to [[Macroeconomics by Mankiw (7th edition)]], | ||
| + | :[[Production function]]. The mathematical relationship showing how the quantities of the factors of production determine the quantity of goods and services produced; for example, Y � F(K,L). | ||
[[Category: Economics]][[Category: Articles]] | [[Category: Economics]][[Category: Articles]] | ||
Latest revision as of 18:30, 2 July 2020
Production function is the process of a firm turning economic inputs like labor, machinery, and raw materials into outputs like goods and services used by consumers.
Definition
According to Principles of Economics by Timothy Taylor (3rd edition),
- Production function. The process of a firm turning economic inputs like labor, machinery, and raw materials into outputs like goods and services used by consumers.
According to Macroeconomics by Mankiw (7th edition),
- Production function. The mathematical relationship showing how the quantities of the factors of production determine the quantity of goods and services produced; for example, Y � F(K,L).
