Chapter 3: Production & Behaviour of Firms

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  • Created by: Wen Shan
  • Created on: 16-01-13 12:56

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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