Production function

Production function is the process of a firm turning economic inputs like labor, machinery, and raw materials into outputs like goods and services used by consumers.

Definition

According to Principles of Economics by Timothy Taylor (3rd edition),

Production function. The process of a firm turning economic inputs like labor, machinery, and raw materials into outputs like goods and services used by consumers.

According to Macroeconomics by Mankiw (7th edition),

Production function. The mathematical relationship showing how the quantities of the factors of production determine the quantity of goods and services produced; for example, Y � F(K,L).