A production set is the set of all possible output bundles that a firm can produce given its vector of inputs. Used as part of profit maximization calculations.
Famous quotes containing the words production and/or set:
“It is part of the educator’s responsibility to see equally to two things: First, that the problem grows out of the conditions of the experience being had in the present, and that it is within the range of the capacity of students; and, secondly, that it is such that it arouses in the learner an active quest for information and for production of new ideas. The new facts and new ideas thus obtained become the ground for further experiences in which new problems are presented.”
—John Dewey (1859–1952)
“Don Pedro. But when shall we set the savage bull’s horns on the sensible Benedick’s head?
Claudio. Yes, and text underneath, “Here dwells Benedick, the married man?””
—William Shakespeare (1564–1616)