Representing the Technology by Functions
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Traditionally economists model the single output technology by the production function. This function is defined as the maximal output obtainable from given inputs. In Section 3.1, the production function is shown to exist, and the properties it inherits from the parent technology are discussed. Various parametric production functions are presented in Section 3.2. First weak disposability of input production functions are introduced and thereafter a family of parametric second order approximations is discussed.
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