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New Course
Concept
Production Function
A
production function
represents the relationship between inputs used in production and the resulting output, essentially illustrating how efficiently resources are transformed into
goods and services
. It is a fundamental
tool in economics
to analyze the
efficiency of production processes
and to determine the
optimal combination of inputs
for
maximizing output
.
Relevant Fields:
Economic Theory and Concepts 50%
Price Formation and Costs 30%
Operational Research 20%
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