Production technology determines the relationship of total cost to outputs.

Name: Production technology determines the relationship of total cost to outputs.
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Question

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Production technology refers to the methods, techniques and equipment used to transform inputs (such as raw materials, labor and capital) into outputs (such as goods or services). The choice of production technology can significantly affect the total cost of production and therefore determines the relationship of total cost to outputs.

Production Technology Determines the Relationship of Total Cost to Outputs