production function

Definition

A function that specifies the output in an industry for all combinations of inputs.

Use production function in a sentence

The production function was effectively used by us to understand all of the business relationships that exist in the market.

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I wanted to know what the production function was because it was very important to me and my cousin, who owned our own business.

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To calculate the production function--and predict the total output capacity of an industry--one has to correctly identify all the necessary inputs.

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decreasing returns to scale marginal rate of substitution