What is the production function? The production function is the relationship between

A. the output produced by a firm in the short run and in the long run.

B. returns to scalereturns to scale and economies of scopeeconomies of scope.

C. the inputs employed by a firm and the maximum output it can produce with those inputs.

D. the inputs employed by a firmthe inputs employed by a firm and the minimum long-run average cost of production.

E. the inputs employed by a firmthe inputs employed by a firm and its cost of production.

Question

Jesus King

Business

26 February, 04:11

What is the production function? The production function is the relationship between

A. the output produced by a firm in the short run and in the long run.

B. returns to scalereturns to scale and economies of scopeeconomies of scope.

C. the inputs employed by a firm and the maximum output it can produce with those inputs.

D. the inputs employed by a firmthe inputs employed by a firm and the minimum long-run average cost of production.

E. the inputs employed by a firmthe inputs employed by a firm and its cost of production.

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Answers (1)

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Trouble · Answer 1

Answer: Option (C)

Explanation:

In discipline such as economics, the production function tends to give a technological relation in between the quantities of inputs (capital and labor) and the quantities produced of output of services and goods. This function is referred to as one of the main concepts of the mainstream theories, that were used in order to define the marginal product and also to distinguish the allocative efficiency.