Answered step by step
Verified Expert Solution
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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started