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/
Economics
/
Producer Theory
/
The Production Function
The Production Function
A mathematical relationship defining the maximum output (
Q
Q
Q
) achievable given a set of inputs (
L
,
K
,
M
,
.
.
.
L, K, M, ...
L
,
K
,
M
,
...
). Formally:
Q
=
f
(
L
,
K
,
M
,
.
.
.
)
Q = f(L, K, M, ...)
Q
=
f
(
L
,
K
,
M
,
...
)
.