We said that the production function tells us the maximum output that a firm can produce with

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We said that the production function tells us the maximum output that a firm can produce with its quantities of inputs. Why do we include the word maximum in this definition?

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Microeconomics

ISBN: 978-0073375854

2nd edition

Authors: Douglas Bernheim, Michael Whinston

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Question Posted: Mar 17, 2016 04:51 AM

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We said that the production function tells us the maximum output that a firm can produce with

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The production function tells us the maximum volume of output that may be produced given a ...View the full answer

Microeconomics

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