The relationship between the quantity of inputs and the quantity of outputs is called the:
A)cost function.
B)production function.
C)profit function.
D)resource function.

Question

Quizplus · Accepted Answer

The production function describes the relationship between the quantity of inputs used in production and the quantity of output from that production. It is a mathematical representation of how a firm combines inputs (like labor, machinery, and raw materials) to produce outputs (goods or services).

The Relationship Between the Quantity of Inputs and the Quantity