A mathematical expression relating the amount of output produced to quantities of capital and labor utilized is the
A)real interest rate.
B)productivity relation.
C)production function.
D)marginal product.

Question

Quizplus · Accepted Answer

The production function is a mathematical expression that shows the relationship between the quantity of inputs used in production and the quantity of output produced. This function is typically written as Q = f(K,L), where Q is the quantity of output, K is the quantity of capital input, and L is the quantity of labor input.

A Mathematical Expression Relating the Amount of Output Produced to Quantities