Chapter 3: Production & Behaviour of Firms
- Created by: Wen Shan
- Created on: 16-01-13 12:56
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Chapter 3
1) Production Function
- Production is a process whereby the combined activity of various economic goods create another economic good.
- Capital denotes all non-labour inputs eg machinery.
- Production function is similar to utility function.
- Similarity: Both use economic goods to produce another economic good.
- Difference: Production function…
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