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Describe in words what a production function is

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Reference no: EM13894327

a) Sometimes it is said that producer theory is similar to consumer theory. In what ways are they similar?

b) Describe in words what a production function is. Which variables are typically inputs?

c) What is the difference between the short and the long run?

d) What does "returns to scale," mean?

Reference no: EM13894327

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