A firm's production function is best described as

A. a relationship between the total cost of production and the level of output.

B. a relationship between the amounts of outputs of different products the firm can produce with fixed amounts of inputs.

C. a relationship between different inputs that the firm uses to produce a fixed amount of output.

D. illustrating the relationship between inputs and the maximum amounts of output that the firm can produce with these inputs.

Question

Business

Mikayla Lawson

15 December, 22:01

A firm's production function is best described as

A. a relationship between the total cost of production and the level of output.

B. a relationship between the amounts of outputs of different products the firm can produce with fixed amounts of inputs.

C. a relationship between different inputs that the firm uses to produce a fixed amount of output.

D. illustrating the relationship between inputs and the maximum amounts of output that the firm can produce with these inputs.

+3

Answers (1)

Know the Answer?

Angelica Ochoa · Answer 1

The correct answer is D

Explanation:

A firm is a kind of commercial enterprise where a company buys and sells the products or services to consumers with the goal of earning a profit

Firm production function is the production function which relates to the physical output of the production procedure to the physical inputs.

It is best stated as the relationship among the inputs and the maximum amounts of the output which the firm could produce these inputs.