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Boundless Economics
Production
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Section 1

The Production Function

Book Version 3
By Boundless
Boundless Economics
Economics
by Boundless
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3 concepts
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Defining the Production Function

The production function relates the maximum amount of output that can be obtained from a given number of inputs.

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The Law of Diminishing Returns

The law of diminishing returns states that adding more of one factor of production will at some point yield lower per-unit returns.

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Inputs and Outputs of the Function

In the basic production function, inputs are typically capital and labor and output is whatever good the firm produces.

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