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What is Production Function

Handbook of Research on Economic, Financial, and Industrial Impacts on Infrastructure Development
It is estimated to create a framework in which to distinguish how much of economic growth to attribute to changes in factor allocation (e.g. the accumulation of capital) and how much to attribute to advancing technology.
Published in Chapter:
Infrastructure and Growth: Comparing Latin America and East Asia
Derya Yılmaz (Uludag University, Turkey) and Işın Çetin (Uludag University, Turkey)
DOI: 10.4018/978-1-5225-2361-1.ch006
Infrastructure plays a critical role in explaining the growth differentials between regions. The growth performances of Latin America are lagged behind East Asia and this fact is often attributed to the infrastructure gap between these regions. It is advised to Latin America to increase its infrastructure investments in order to record high growth rates. But as infrastructure is multidimensional, in which sector the investments should be channeled? This study tries to determine this with an empirical model. The empirical model in this study is a growth function and the infrastructure variables are added as an input to this function. Empirical results suggest that the long-run elasticity of transportation is higher than the long run elasticities of telecommunications and power. Thus, in order to catch-up East Asia quickly, Latin America should invest in transportation.
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Enterprise Systems Strategic Alignment and Business Value
A function that connects the output produced by an enterprise during a particular time period (dependent variable) with the quantities of the inputs it has used in the same period (independent variables).
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Some Economics of Conservation of Cultural Heritage: The Key Questions
It relates physical output of a production process to physical inputs or factors of production.
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Chaos in Economics
Is a function that shows the amount of output that can be produced by a firm or an entire economy by using any given quantities of inputs (such as capital and labor) for a given technology.
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Evaluation of Firm Performances in Emerging Markets
The technological relation between quantities of inputs and quantities of output.
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Models and Methods for Decision Making Support in the Negotiation Process
In theoretical economics production function is determined in a multi-input/one-output production model as maximum output that can be produced for any specific input.
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Smartness, City Efficiency, and Entrepreneurship Milieu
The mathematical relationship between the quantity of output that a firm can produce and the bundle of inputs (as capital, land, labour) used to produce the output itself.
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