Asked by Talmeez Mohammed on May 04, 2024
Verified
Refer to Figure 13-1. The graph illustrates a typical
A) total-cost curve.
B) production function.
C) production possibilities frontier.
D) marginal product of labor curve.
Production Function
A mathematical relation between quantities of input and output in production, specifying the maximum output achievable from different combinations of input.
Total-Cost Curve
A graphical depiction showing the total cost of producing different levels of output, illustrating the relationship between production volume and total costs.
Production Possibilities Frontier
A graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology.
- Identify when economies of scale or diseconomies of scale are occurring within a production process.
Verified Answer
TR
Trinity RennerMay 05, 2024
Final Answer :
B
Explanation :
The graph represents a production function, which shows the relationship between the quantity of inputs used in production and the quantity of output from production.
Learning Objectives
- Identify when economies of scale or diseconomies of scale are occurring within a production process.