Production function: The relationship between the inputs and the resulting output is described as production

function. A production function shows the relationship between the amounts of factors used and the amount
of output generated per period of time.
Production function: The firm’s production function for a particular good, q, Q = f (k, l), shows the maximum
amount of the good that can be produced using alternative combinations of capital (k) and labor (l).
Marginal physical product: The marginal physical product of an input is the additional output that can be
produced by employing one more unit of that input while holding all other inputs constant. Mathematically,
Marginal product of capital = MPk= dq/dk
Marginal product of labor = MPk= dq/dl