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Hatshy [7]
3 years ago
13

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.
Business
1 answer:
mars1129 [50]3 years ago
6 0

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.

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