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Which function shows relationship between input and output?
  • a)
    Consumption function
  • b)
    Investment function
  • c)
    Production function
  • d)
    Cost function
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
Which function shows relationship between input and output?a)Consumpti...


Relationship between input and output:


  • Production function: The production function shows the relationship between the input factors of production (such as labor and capital) and the output of goods and services.

  • Input factors: The production function takes into account the quantity and quality of inputs used in the production process.

  • Output: The output is the quantity of goods or services produced as a result of utilizing the input factors in the production function.

  • Efficiency: The production function helps determine the efficiency of converting inputs into outputs, which is crucial for businesses to optimize their production processes.

  • Economic analysis: Economists use production functions to analyze the relationship between inputs and outputs in various industries and sectors of the economy.



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Which function shows relationship between input and output?a)Consumption functionb)Investment functionc)Production functiond)Cost functionCorrect answer is option 'C'. Can you explain this answer?
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