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What do you mean by production? Define production function, and also explain short-run production function.
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written 2.9 years ago by
prajapatijaimin
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Solution:
Production:
Production in economic terms is generally understood as the transformation of inputs into outputs. The inputs are what the firm buys, namely productive resources, and outputs are what it sells.
Production is not the creation of matter but it is the creation of value. Production is also defined …
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