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

Question

Quizplus · Accepted Answer

A production function describes the relationship between the inputs and the outputs of a production process. It shows how the quantity of inputs used in production impacts the quantity of outputs produced. The other choices do not accurately define the purpose of a production function.

A Production Function Represents The