Abstract
The central concept in the theory of production and costs is the production function. It relates quantities of inputs into a production process to the output of that process. The goods and services appearing in a production process are called factors of production; for any quantitative combination of these factors the production function defines the maximal output to be realized. Its main purpose is to show the possibilities of substitution between the factors of production to achieve a given output, assumed to be a single one.
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© 1982 Springer-Verlag Berlin Heidelberg
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de Boer, P.M.C. (1982). Theory of Production and Costs. In: Price Effects in Input-Output Relations: A Theoretical and Empirical Study for the Netherlands 1949–1967. Lecture Notes in Economics and Mathematical Systems, vol 201. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-46460-7_2
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DOI: https://doi.org/10.1007/978-3-642-46460-7_2
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-540-11550-2
Online ISBN: 978-3-642-46460-7
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