The relationship between factors of production used in the production process and the resulting output is called a(n)
A)consumption possibilities boundary.
B)economic function.
C)production boundary.
D)cost function.
E)production function.

Question

Quizplus · Accepted Answer

The relationship between factors of production (such as labor, capital, and materials) and the resulting output is referred to as the production function. The production function is a fundamental concept in economics, and it describes how much output can be produced with a given set of inputs. It is often represented in the form Q=F(K,L,M), where Q is the quantity of output, K is the quantity of capital, L is the quantity of labor, and M is the quantity of materials. The production function can be used to analyze how changes in inputs will affect output, and it is an important tool for businesses and policymakers.

The Relationship Between Factors of Production Used in the Production