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In economics, a production function gives the technological relation between quantities of physical inputs and quantities of output of goods. The production function is one of the key concepts of mainstream neoclassical theories, used to define marginal product and to distinguish allocative efficiency, a key focus of economics.
The Nutcracker ( Russian: Щелкунчик[ a ], romanized :Shchelkunchik, pronounced [ɕːɪɫˈkunʲt͡ɕɪk] ⓘ ), Op. 71, is an 1892 two-act classical ballet (conceived as a ballet-féerie; Russian: балет-феерия, romanized:balet-feyeriya) by Pyotr Ilyich Tchaikovsky, set on Christmas Eve at the foot of a Christmas tree in a ...
Miyako Yoshida and Steven McRae as the Sugar Plum Fairy and her Cavalier in a production of The Nutcracker by Peter Wright for The Royal Ballet (2009). Although the original 1892 Marius Petipa production was not a success, Pyotr Ilyich Tchaikovsky's ballet The Nutcracker began to slowly enjoy worldwide popularity after Balanchine first staged his production of it in 1954. [1]
This is a list of production functions that have been used in the economics literature. Production functions are a key part of modelling national output and national income . For a much more extensive discussion of various types of production functions and their properties, their relationships and origin, see Chambers (1988) [ 1 ] and Sickles ...
The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function. There are four basic resources or factors of production: land, labour, capital and entrepreneur (or enterprise). [ 1] The factors are also frequently labeled " producer goods or services " to distinguish them ...
Production set. In economics the production set is a construct representing the possible inputs and outputs to a production process. A production vector represents a process as a vector containing an entry for every commodity in the economy. Outputs are represented by positive entries giving the quantities produced and inputs by negative ...
Nutcracker. A nutcracker is a tool designed to open nuts by cracking their shells. There are many designs, including levers, screws, and ratchets. The lever version is also used for cracking lobster and crab shells. A decorative version portrays a person whose mouth forms the jaws of the nutcracker.
Production is the process of combining various inputs, both material (such as metal, wood, glass, or plastics) and immaterial (such as plans, or knowledge) in order to create output. Ideally this output will be a good or service which has value and contributes to the utility of individuals. [ 1] The area of economics that focuses on production ...