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9.1: The Production Function
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The production function relates the maximum amount of output that can be obtained from a given number of inputs.
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9.2: Production Cost
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Variable costs change according to the quantity of goods produced; fixed costs are independent of the quantity of goods being produced.
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9.3: Economic Profit
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Economic profit consists of revenue minus implicit (opportunity) and explicit (monetary) costs; accounting profit consists of revenue minus explicit costs.