PRODUCTION FUNCTIONS
PRODUCTION FUNCTIONS 3 outputit is sometimesuseful to represent the technology of the firm with a math-ematical function that gives the maximum output attainable from a given vector of inputs. This function is called a production function and is defined as f(x) = max y [y:(x,y) ∈ T] = max y [y: x ∈ V(y)] = max y ∈ P(x) [y] (2)
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