ECONOMICS
PROFIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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trade-off between producing one good versus another
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the amount that a firm is willing to produce and sell at various prices
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the relationship between inputs and outputs
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the average production per unit of labour used
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Detailed explanation-1: -The technological relationship between inputs and output of a firm is generally referred to as the production function. The production function shows the functional relationship between the physical inputs and the physical output of a firm in the process of production.
Detailed explanation-2: -Input is the process of taking something in. For example, when a company takes in a raw material to make a finished good, they are receiving an input. Output is the exact opposite, in that it’s the process of sending something out.
Detailed explanation-3: -production function, in economics, equation that expresses the relationship between the quantities of productive factors (such as labour and capital) used and the amount of product obtained.