Question

The production function is a mathematical function that shows: 1. the relationship between output and the factors of production. 2. the most cost-efficient means of producing output.3. how various inputs are produced. 4. the most efficient level of output produced in an economy.

Answer 1

Answer:

1. The relationship between output and the factors  of production

Explanation:

The production function is mathematical equation that express the relationship between the resources or input devoted towards production (e.g labour and capital ) and the output (i.e amount of product obtained.  

It shows  the amount of output  that is obtainable from every combination of resources of production , assuming that the most efficient available methods of production are used.