For a firm, the production function represents the relationship between
A)implicit costs and explicit costs.
B)quantity of inputs and total cost.
C)quantity of inputs and quantity of output.
D)quantity of output and total cost.

Question

Quizplus · Accepted Answer

The production function represents the relationship between the quantity of inputs and the quantity of output produced by a firm. It shows the different combinations of inputs that can be used to produce different levels of output. The total cost and other cost concepts are related to production function, but they are not the main focus of the function itself.

For a Firm, the Production Function Represents the Relationship Between