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Chapter Six Notes

The production function production function function

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Unformatted text preview: lude steel, plastics, electricity, water, and any other goods that the firm buys and transforms into final products. Capital includes land, buildings, machinery and other equipment, as well as inventories. The Production Function Production function □ Function showing the highest output that a firm can produce for every specified combination of inputs. Production functions describe what is technically feasible when the firm operates efficiently—that is, when the firm uses each combination of inputs as effectively as po...
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