what is production function in economics

A production function in economics is a mathematical equation that expresses the relationship between the quantities of productive factors, such as labor and capital, used and the amount of product obtained. It relates the physical output of a production process to physical inputs or factors of production, typically capital and labor. The production function is a key concept in economics, as it gives the technological relation between quantities of physical inputs and quantities of output of goods. It is used to determine the maximum output that firms and businesses can achieve using various factors of production, and to select the minimum input combination for maximum output production at a certain price point. The production function is essential for firms to determine the quantity of output required to produce at a given price of goods, and to determine the output and the combination of inputs at a certain price point/9%3A_Production/9.1%3A_The_Production_Function).