Examlex
Define authority and control.
Production Function
An equation that specifies the output of a firm, an industry, or an entire economy for all combinations of inputs.
Input
Resources used in the production process to create goods or services, including labor, materials, and capital.
Returns To Scale
An economic concept describing how the increase in inputs affects the level of output of a production process.
Production Function
A mathematical equation that describes the relationship between inputs and the maximum output that can be produced with those inputs.
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