Production functions are logical and useful.
Managerial Uses Of
Production Function
Production functions are logical
and useful. Production analysis can be used as aids in decision making because
they can give guidance to obtain the maximum output from a given set of inputs
and how to obtain a given output from the minimum aggregation of inputs. The
complex production functions with large numbers of inputs and outputs are
analyzed with the help of computer based programmes.
Tags : Managerial Economics - Production Analysis
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