Question : The production function can be expressed as (where L is labour, C is capital, and Q is the maximum output that can be produced).
Option 1: Q = f(C)
Option 2: L = f(Q, C)
Option 3: Q = f(L)
Option 4: Q = f(L, C)
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Correct Answer: Q = f(L, C)
Solution : The correct answer is Q = f(L, C) .
The production function is often Q = f(L, C), where Q indicates the maximum output possible given the inputs. In this equation, L represents the labour required in the manufacturing process, while C represents the capital used. The function f expresses the precise relationship between the inputs and outputs. The equation Q = f(L, C) depicts the concept of production technology, which outlines how businesses convert inputs into outputs.
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