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Production is the creation of output (goods and services) from inputs (resources). Suppose that the resources you have are labor (L) and Capital (K). You
Production is the creation of output (goods and services) from inputs (resources). Suppose that the resources you have are labor (L) and Capital (K). You want to produce bubble gum (Q). What production function expresses the relationship between the output and these inputs?
Select one:
a.
L = f(Q, Q+K)
b.
KL = f(Q)
c.
Q = f(L, K)
d.
K = f(Q, L)
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