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Production Function and Constraints

Production Function and Constraints

Author: Catherine Barry

This lesson will explain Production Function and Constraints

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Terms to Know
Fixed Input

A factor of production (input) that cannot be changed in the short-run.

Production Function

A mathematical relationship between inputs and output. In the context of economics of the firm, cost/profits can be determined through cost/profit functions.

Variable Input

A factor of production (input) that depends upon the level of production. Variable inputs change depending upon how much we choose to produce.