A production function represents:
A)the relationship between the quantity of inputs and the quantity of outputs.
B)the relative values of the inputs and modes of production.
C)the relative costs of the inputs across various modes of production.
D)the relationship between the cost of the inputs and the revenue generated by the outputs.

Question

Quizplus · Accepted Answer

A production function describes how output is generated from inputs, detailing the relationship between the quantity of inputs used in production and the quantity of output resulting from that production.

A Production Function Represents