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Several Years Ago While Teaching in Russia, I Was Using

Question 48

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Several years ago while teaching in Russia, I was using a production function like the ones used in this text.Output is a function of labor, capital and technology.One professor asked me how I could talk about production without including all the inputs that go into the process.Write a response to this professor from what you know if a production function.

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You should focus on the concept of value...

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