ECONOMICS
SUPPLY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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changes in output in response to changes in input
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changes in input that result from changes in output.
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the optimum level of production
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the optimum level of the four factors of production
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Detailed explanation-1: -A production function shows the relationship between inputs of capital and labor and other factors and the outputs of goods and services. The simplest possible production function is a linear production function with labor alone as an input.
Detailed explanation-2: -Inputs and Outputs of the Function In the basic production function, inputs are typically capital and labor and output is whatever good the firm produces. A production function relates the input of factors of production to the output of goods.
Detailed explanation-3: -The factors that contribute to aggregate production include the labor force, capital, and technology. When these factors increase, they can lead to an increase in production. Additionally, productivity, or output per person, is another important metric to consider.
Detailed explanation-4: -In economics, a production function gives the technological relation between quantities of physical inputs and quantities of output of goods.