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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.
Rational Expectations School Expectations on the future values of economic variables play an important role in macroeconomic analysis and economic analysis in general. Because
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Assume that an economy's GDP Y=5000. Also assume that the government runs a deficit where tax revenue T=1000 and government expendituresG= 1500. The consumption function is represe
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