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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.
x=40-0.2p where x=x1+x2 c1=50+2x1+0.5x1 c2=100+10x2
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