Theory of Production

A. Koutsoyiannis
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A. Koutsoyiannis: University of Waterloo

Chapter 3 in Modern Microeconomics, 1975, pp 67-104 from Palgrave Macmillan

Abstract: Abstract The production function is a purely technical relation which connects factor inputs and outputs. It describes the laws of proportion, that is, the transformation of factor inputs into products (outputs) at any particular time period.1 The production function represents the technology of a firm of an industry, or of the economy as a whole. The production function includes all the technically efficient methods or production (see below).

Keywords: Production Function; Marginal Product; Technical Progress; Constant Return; Cost Curve (search for similar items in EconPapers)
Date: 1975
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DOI: 10.1007/978-1-349-15603-0_3

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