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Production function
1.
PRODUCTION FUNCTION
2.
Production Function -is the
relationship between Output and Input
3.
Average Product Total Product Marginal Product
4.
Total Product Average Product Amount of output obtained
from given amount input. Additional output obtained by one more unit of input.
5.
Marginal Product Amount of output obtained
per unit of input.
6.
7.
Units of Labor Inputs Total
Product Average Product Marginal Product 1 89 89 2 93 46.5 4 3 95 31.67 2 4 96.67 24.17 1.67
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