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Production Function

  • Masudul Alam Choudhury
Chapter

Abstract

In perfect competition, the conditions, p = MC = MR = AR = min.AC translate into the concept of financial or economic efficiency. On the other hand, technical efficiency is a concept that can be explained by the concept of production possibility curve, besides the way it has been introduced in Chapter 7. We will start off this chapter by an explanation of the underlying concept of technical efficiency using the production possibility curve.

Keywords

Resource Allocation Production Function Marginal Productivity Factor Input Marginal Rate 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer Science+Business Media New York 1999

Authors and Affiliations

  • Masudul Alam Choudhury

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