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Production Functions
Mathematical relations stipulating how output levels are achieved with different combinations of input factors such as labor and capital.
Input
Refers to the resources used in the production of goods and services, such as labor, raw materials, and capital.
Returns To Scale
The change in output as all inputs are increased proportionally in the production process.
Inputs
The resources such as labor, materials, and capital that are used in the production process to create goods and services.
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