| 单词 | production function |
| 释义 | production function A function showing the maximum output possible with any given set of inputs, assuming these are used efficiently. The marginal product of any one input is normally positive, but decreasing. If the production function is written as y = f (x, z), where y is output and x and z are inputs, the marginal product of x is ∂y/∂x. A ‘well-behaved’ production function is one in which, for fixed positive x, the marginal product of z tends to infinity as z tends to 0, and tends to zero as z tends to infinity. |
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