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What is a production function? Write an equation for a typical production function, and explain what each of the terms represents.

What is a production function? Write an equation for a typical production function, and explain what each of the terms represents.

发布时间:2025-12-21 14:18:18
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答案:

A production function is a mathematical representation of the relationship between the quantity of inputs used in production and the quantity of output produced using these inputs.

Y=AF(L,K,H,N)


Y-denotes the quantity of output


L-the quantity of labor


K-the quantity of physical capital


H-the quantity of human capital


N-the quantity of natural resource  

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