production function measures the relation between
A)input prices and output prices.
B)the quantity of inputs and the quantity of output.
C)input prices and the quantity of output.
D)the quantity of inputs and input prices.
E)none of the above

Question

Quizplus · Accepted Answer

Production function measures the relationship between the quantity of inputs used and the quantity of output produced. It shows how much output can be produced with a given set of inputs. Input prices and output prices are not direct components of the production function, although they may indirectly influence it.

Production Function Measures the Relation Between