A production function: shows the output that is most highly valued by consumers. shows the most desired production method for a given level of output. shows the output that is produced using different combinations of inputs combined with existing technology. shows the output that is produced using different combinations of technology combined with existing inputs.

Question

Jaslyn Hanson

Business

8 January, 00:10

A production function: shows the output that is most highly valued by consumers. shows the most desired production method for a given level of output. shows the output that is produced using different combinations of inputs combined with existing technology. shows the output that is produced using different combinations of technology combined with existing inputs.

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Antony Mcbride · Answer 1

Shows the output that is produced using different combinations of inputs combined with existing technology

Explanation:

The production function is an expression that links the different amount of inptuts used in the production process and the final output obtained with each combination of inputs, with a given tehcnology.

As an example, if a economy produces only popcorn, a production function would be an expression that shows hou much popcorn that economy can produce with different combinations of corn and sugar, with a given technology.