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- Q524004 subject Q7013216.
- Q524004 subject Q7214790.
- Q524004 subject Q9147864.
- Q524004 abstract "In economics, a production function relates physical output of a production process to physical inputs or factors of production. The production function is one of the key concepts of mainstream neoclassical theories, used to define marginal product and to distinguish allocative efficiency, the defining focus of economics.The primary purpose 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, while abstracting away from the technological problems of achieving technical efficiency, as an engineer or professional manager might understand it.In macroeconomics, aggregate production functions are estimated to create a framework in which to distinguish how much of economic growth to attribute to changes in factor allocation (e.g. the accumulation of capital) and how much to attribute to advancing technology. Some non-mainstream economists, however, reject the very concept of an aggregate production function.".
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- Q524004 type Thing.
- Q524004 comment "In economics, a production function relates physical output of a production process to physical inputs or factors of production.".
- Q524004 label "Production function".
- Q524004 seeAlso Q1351160.
- Q524004 depiction Total,_Average,_and_Marginal_Product.gif.