Everything about Production function
Used to define marginal product and to distinguish allocative efficiency
In economics, a production function gives the technological relation between quantities of physical inputs and quantities of output of goods. The production function is one of the key concepts of mainstream neoclassical theories, used to define marginal product and to distinguish allocative efficiency, a key focus of economics. 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 understand it. Wikipedia →
🧭 Start here: a 6-step reading path
- Read the overview: Production functionA 5-minute orientation
- Skim a recent paper: ROS production by mitochondria: function or dysfunction?Influential work since 2022
- Pick up a classic book: The production function in businessThe most-reprinted book on the subject
- Read the landmark paper: Technical Change and the Aggregate Production FunctionCited 7,288 times
- Go sideways: Marginal productA closely related topic
- Go sideways: Marginal product of laborA closely related topic
📖 Definitions
No dictionary entry for this exact phrase.
🗂️ The subject at a glance
🏆 Landmark papers (most cited)
Technical Change and the Aggregate Production Function
Formulation and estimation of stochastic frontier production function models
Estimating Production Functions Using Inputs to Control for Unobservables
MONEY AND THE PRODUCTION FUNCTION
Production and Function of Immunoglobulin A
Rethinking the regional knowledge production function
Production function, demand function and location theory of the firm
Estimating Production Uncertainty in Stochastic Frontier Production Function Models
🆕 Influential since 2022
📚 Books worth reading
The production function in businessHoward L. Timms · 1962
Step by Step QfdJohn Terninko · 1997- 📕Executive FunctionSandra Wiebe, Julia Karbach · 2017
- 📕Capital operating time and total factor productivity growth in FranceLuc Everaert · 2003
- 📕AggregationFranklin M. Fisher · 1992
- 📕Estimation of cross-country differences in industry production functionsJames Harrigan · 1997
- 📕Sources of economic growth in East AsiaShigeru Iwata · 2002
- 📕Grundwissen ProduktionBernd Rieper · 1992
Ranked by number of editions on Open Library, a rough measure of how lasting a book is.
🔗 Related topics
- Marginal product In economics and in particular neoclassical economics, the marginal product or marginal physical productivity of an input (factor of production) is the…
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- Cost curve In economics, a cost curve is a graph of the costs of production as a function of total quantity produced. In a free market economy, productively efficient…
- Diminishing returns In economics, diminishing returns means the decrease in marginal (incremental) output of a production process as the amount of a single factor of production…
- Total cost In economics, total cost (TC) is the minimum financial cost of producing some quantity of output. This is the total economic cost of production and is…
- Production (economics) Production is the process of combining various inputs, both material (such as metal, wood, glass, or plastics) and immaterial (such as plans, or knowledge)…
- Economic return Economic returns are the gains in output, income, or value, which are generated from the employment of productive inputs or resources. The concept encompasses…