A Production Function Represents

question 3

Multiple Choice

A production function represents:

• A)the relationship between the quantity of inputs and the quantity of outputs.
• B)the relative values of the inputs and modes of production.
• C)the relative costs of the inputs across various modes of production.
• D)the relationship between the cost of the inputs and the revenue generated by the outputs.

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Definitions:

Satisfy Wants

The fulfillment of human desires or needs through the consumption of goods and services.

Utility

In economics, utility is the satisfaction or benefit derived by consumers from consuming goods or services.

Data

Information collected for analysis or used to reason or make decisions.

Value for X

A placeholder term often used in mathematics to represent an unknown or variable quantity.