According to Stigler, “The production function is the name given to the relationship between the rates of input of productive services and the rate of output of product. It is the economist’s summary of technical knowledge. In fact the production function shows the maximum quantity of output....
Nature of Managerial Economics Managerial and Micro Economics Principles of Managerial Economics Role of a Managerial Economist Consumer Demand Price Elasticity of Supply Determinants of Price Elasticity of Supply Marketing and Seasonal Demand for Goods and Services Introduction to Business Economics What is...
It is the economist’s summary of technical knowledge.” Basically, the production function is a technological or engineering concept which can be expressed in the form of a table, graph and equation showing the amount of output obtained from various combinations of inputs used...
Economist Harvey Liebenstein called losses of these sorts "X-inefficiency." Although economists assume that the firm will be on the production function, a major challenge of management is to make decisions so that the firm will be on or close to the production function....