Question

13. Which of the following is the best definition of “production function”?
(a) The relationship between market price and quantity supplied.
(b) The relationship between the firm’s total revenue and the cost of production.
(c) The relationship between the quantities of inputs and output to produce a given level of output.
(d) The relationship between the quantity of inputs and the firm’s marginal cost of production.

Answer 1

Answer:

(c) The relationship between the quantities of inputs and output to produce a given level of output.

Explanation:

Production Function

• The relationship between the production's input and output quantities, often known as the production chain, is discussed.

• It explains how much output can be created in relation to how much input.

• There are four main production factors: labour, capital, land, and entrepreneurship.

• Fixed factors and variable factors are the two categories of production factors.

• Fixed factors are those elements of production that don't change no matter how the output changes.

• The variables are those that could alter when the result varies.

• Q=f(K, L), where Q is the output, f is the function, K is the capital, and L represents labour, is the formula for the production function.

• Long Run and Short Run are the two different types of production functions.

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