Production function:
The basic relationship between the amount of inputs required and the amount of
output that can be obtained is called the production function.
It is specifies the maximum output that, can be
produced with a given quantity of inputs. It is defined for a given state of
engineer and technical knowledge.
Algebraically, Q=f(L,K,M)
Q stands for quantity
Output.
L stands for Labor.
K stands for Capital.
M stands for raw
materials.
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