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Production Function
An equation that describes the relation between inputs used in production and the output resulting from their use.
Input
Resources used in the process of production, including labor, materials, and capital.
Isoquants
Curves that represent combinations of different factors of production that yield the same level of output, used in production theory.
Slope
The measure of the steepness or incline of a line, often calculated as the ratio of the vertical change to the horizontal change between two points on the line.
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