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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.
Constant elasticity of substitution ( CES ), in economics, is a property of some production functions and utility functions. Several economists have featured in the topic and have contributed in the final finding of the constant. They include Tom McKenzie, John Hicks and Joan Robinson. The vital economic element of the measure is that it ...
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 child's imagination.
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 ...
Wire-grid Cobb–Douglas production surface with isoquants A two-input Cobb–Douglas production function with isoquants. In economics and econometrics, the Cobb–Douglas production function is a particular functional form of the production function, widely used to represent the technological relationship between the amounts of two or more inputs (particularly physical capital and labor) and ...
In macroeconomics, the Inada conditions, named after Japanese economist Ken-Ichi Inada, [ 1] are assumptions about the shape of a function, usually applied to a production function or a utility function. When the production function of a neoclassical growth model satisfies the Inada conditions, then it guarantees the stability of an economic ...
The O-ring theory of economic development is a model of economic development put forward by Michael Kremer in 1993, [ 1] which proposes that tasks of production must be executed proficiently together in order for any of them to be of high value. The key feature of this model is positive assortative matching, whereby people with similar skill ...
Production–possibility frontier. In microeconomics, a production–possibility frontier ( PPF ), production possibility curve ( PPC ), or production possibility boundary ( PPB) is a graphical representation showing all the possible options of output for two goods that can be produced using all factors of production, where the given resources ...