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Explain the term production function in the economics.
Production Function
A production function is the association between the quantity of inputs a firm utilizes and the quantity of output this produces.
A fixed input is an input that quantity is fixed and can’t be varied.
A variable input is an input that quantity the firm can change.
suppose c=a+by and investmentI is given.assuming mpc=.80 and I=50,find static and dynamic moel question #Minimum 100 words accepted#
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