define production function

Understand the Problem

The question is asking for a definition of a production function, which is a core concept in economics that describes the relationship between inputs (like labor and capital) and the output produced. It essentially shows how much quantity of output can be produced given a certain amount of inputs. Understanding this will help clarify how businesses and economies operate efficiently.

Answer

A production function describes the relationship between inputs and output.

A production function describes the relationship between the quantities of inputs (such as labor and capital) used and the quantity of output produced.

Answer for screen readers

A production function describes the relationship between the quantities of inputs (such as labor and capital) used and the quantity of output produced.

More Information

A production function is essential in understanding the efficiency and capacity of a production process, by mathematically or graphically relating inputs to output.

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