9 Number of output is produced when 10 units of labor and 9 units of capital are employed
What is production function?
- A production function in economics describes the technical relationship between the amounts of physical inputs and the amounts of output of commodities.
- One of the core ideas of traditional neoclassical theories is the production function, which is used to define marginal product and identify allocative efficiency, a crucial area of economics study.
- To address allocative efficiency in the use of factor inputs in production and the ensuing distribution of income to those factors, while abstracting from the technological challenges of achieving technical efficiency, as an engineer or professional manager might understand it, is one of the key goals of the production function.
To learn more about production function, refer to:
https://brainly.com/question/25672041
#SPJ4
