production functions

What Is The Relationship Between Cost Function And Production Function?

by

What Is The Relationship Between Cost Function And Production Function? Production functions and cost functions are the cornerstones of business and managerial economics. … A cost function is also a mathematical relationship, one that relates the expenses an organisation incurs on the quantity of output it produces and to the unit prices it pays. What

What Is The Importance Of Production Function?

by

What Is The Importance Of Production Function? One important 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 …