Economics JAMB

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:

Option 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 represent the inputs of labour and capital respectively.

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