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Economics

A production function is a technological relationship between inputs (such as capital (K) and labor (L)) and output (Q). Assuming that a production process uses the best available technology, it is said to be technically efficient and the production function will then indicate the maximum physical output. What use can you personally make from this relationship?

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9488925

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