Question

What is the name of relationship between inputs used and output produced by a firm?​

Answer 1

Answer:

There exists some relationship between inputs and output of a firm. In Economics, such a relationship is known as production function.

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Answer 2

The name of the relationship is production function.

Explanation:

• The production function brings the relationship between inputs and outputs of a firm.
• The production function is measured based on the quantity of output produced with the input given.
• If the input utilized is more and the export produced is less, then the production function will be negative and vice versa.
• The input or factors are responsible for the production factors in a firm, and in turn, the factors of production are responsible for producing efficient output.