|
List Of Production Functions
This is a list of production functions that have been used in the economics literature. Production functions are a key part of modelling national output and national income. For a much more extensive discussion of various types of production functions and their properties, their relationships and origin, see Chambers (1988) and Sickles and Zelenyuk (2019, Chapter 6). The production functions listed below, and their properties are shown for the case of two factors of production, capital (economics), capital (K), and labor economics, labor (L), mostly for heuristic purposes. These functions and their properties are easily generalizable to include additional factors of production (like land, natural resources, entrepreneurship, etc.) Technology There are three common ways to incorporate technology (or the efficiency with which factors of production are used) into a production function (here ''A'' is a Total factor productivity, scale factor, ''F'' is a production function, and ''Y ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Production Function
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. For modelling the case of many outputs and many inputs, researchers often use the so-called Shephard's distance functions or, alternatively, directional distance functions, which are generalizations of the simple production function in economics. In macroeconomics, aggregate production functions are estimated to create a fr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
