Economists use the notation Q = f(L,K)to describe
A)the arithmetic relationship between the outputs that a firm uses and the inputs that it produces.
B)the flow of labour (L)and capital (K)services that are available when output is (Q).
C)the level of output (Q)required to fully employ labour (L)and capital (K).
D)the technological relationship between the inputs that a firm uses and the outputs that it produces.
E)the financial relationship between the inputs that a firm uses and the outputs that it produces.

Question

Quizplus · Accepted Answer

The notation Q = f(L,K) describes the technological relationship between the inputs (labour and capital) that a firm uses and the output it produces. This means that it shows how changes in the inputs will affect the level of output.

Economists Use the Notation Q = F(L,K)to Describe