Asked by Nonie Kalra on Jun 26, 2024

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A function that indicates the maximum output per unit of time that a firm can produce, for every combination of inputs with a given technology, is called:

A) an isoquant.
B) a production possibility curve.
C) a production function.
D) an isocost function.

Production Function

A mathematical model that describes the relationship between inputs used in production and the resultant output.

Maximum Output

The highest amount of production that a company can achieve within a given period with the available resources.

Inputs

The resources, materials, and labor that are used in the production process to create goods and services.

  • Comprehend the notion of a production function and its importance for the efficiency of various production methodologies.
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MS
Maham SafdarJun 30, 2024
Final Answer :
C
Explanation :
A production function shows the maximum output a firm can produce with every combination of inputs and a given technology. An isoquant represents different combinations of inputs that can produce the same level of output. A production possibility curve shows the maximum output that can be produced with given resources and technology, while an isocost function shows the minimum cost of producing a given level of output.