Explain the concept of a production function.
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Explain the concept of a production function.
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Production function, in economics, is a comparison that expresses the connection between the numbers of productive influences (such as labour and capital) used and the amount of product attained. Production function is written as:

Qx=f (L, K)  Where 

Where Qx represents units of output x produced. 

L represents units of labour employed.

K represents units of capital employed. 

The above equation explains that Qx , units of output x are produced by employing L units of labour and K units of capital for a given technology. As the given level of technology escalates, the output will increase with the same level of capital and labour units. 

 

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