Abstract
The production function is a purely technical relation which connects factor inputs and outputs. It describes the laws of proportion, that is, the transformation of factor inputs into products (outputs) at any particular time period.1 The production function represents the technology of a firm of an industry, or of the economy as a whole. The production function includes all the technically efficient methods or production (see below).
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Theory of Production
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© 1979 A. Koutsoyiannis
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Koutsoyiannis, A. (1979). Theory of Production. In: Modern Microeconomics. Palgrave, London. https://doi.org/10.1007/978-1-349-16077-8_3
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DOI: https://doi.org/10.1007/978-1-349-16077-8_3
Publisher Name: Palgrave, London
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