We study the limits of communication efficiency for function computation in collocated networks within the framework of multi-terminal source coding theory. With the goal of computing a desired function of sources at a sink node, nodes interact with each other through a sequence of error-free, network-wide broadcasts of finite-rate messages. For any function of independent sources, we derive a computable characterization of the set of all feasible message coding rates - the rate region - in terms of single-letter information measures. We show that when computing symmetric functions of binary sources, the sink node will inevitably learn certain additional information which is not demanded in computing the function. This conceptual understanding leads to new improved bounds for the minimum sum-rate. The new bounds are shown to be order-wise better than those based on cut-sets as the network scales. The scaling law of the minimum sum-rate is explored for different classes of symmetric functions and source parameters.