Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

explain why the following a good defintions ofThe meaning of production function is the relationship between the needs or product (input) to produce the product

explain why the following a good defintions ofThe meaning of production function is the relationship between the needs or product (input) to produce the product (output), this was a easier way for me to understand this chapter. Production is the goods being made, and the function is like the total cost of the output. We are all very aware or the values of "X" and "Y", a equation like this we would use the letter "Q" for output, and then "TC" for total cost, then it would look more like this, TC=f(Q), therefore our "Q: would be our"X" and our "TC" would be our "Y

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Legal Fundamentals for Canadian Business

Authors: Richard A. Yates

4th edition

133370283, 978-0133370287

More Books

Students also viewed these Economics questions

Question

2. How do I perform this role?

Answered: 1 week ago