The technical relationship between the physical inputs and the physical outputs of a firm is...
ECONOMICS
JAMB 2015
The technical relationship between the physical inputs and the physical outputs of a firm is
- A. Utility
- B. Cost
- C. Demand
- D. Production function
Correct Answer: D. Production function
Explanation
production function shows the technical information about the combination of inputs necessary for the production of outputs. In equation we write the production function as q = f (L, K) where L and K represents the inputs of labour and capital respectively.
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