What is Production Function
The production function is a concept in economics that describes the technological relationship that exists between the quantities of physical inputs and the quantities of things that are produced. When it comes to standard neoclassical ideas, the production function is one of the most important notions. It is utilized to define marginal product and to differentiate allocative efficiency, which is a very important aspect of economics. As an engineer or a professional manager might understand it, one of the most important purposes of the production function is to address allocative efficiency in the use of factor inputs in production and the resulting distribution of income to those factors. This is accomplished while abstracting away from the technological problems that arise in the process of achieving technical efficiency.
How you will benefit
(I) Insights, and validations about the following topics:
Chapter 1: Production function
Chapter 2: Physical capital
Chapter 3: Growth accounting
Chapter 4: Marginal cost
Chapter 5: Cobb-Douglas production function
Chapter 6: Marginal product
Chapter 7: Diminishing returns
Chapter 8: Output (economics)
Chapter 9: Returns to scale
Chapter 10: Cost curve
Chapter 11: Solow-Swan model
Chapter 12: Total cost
Chapter 13: Constant elasticity of substitution
Chapter 14: Supply (economics)
Chapter 15: Production (economics)
Chapter 16: Marginal product of capital
Chapter 17: Productivity
Chapter 18: Marginal product of labor
Chapter 19: AK model
Chapter 20: Technological theory of social production
Chapter 21: Cambridge capital controversy
(II) Answering the public top questions about production function.
(III) Real world examples for the usage of production function in many fields.
Who this book is for
Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Production Function.
