What would cause a firm's production function to change? a. Expanding the size of the factories,...
Question:
What would cause a firm's production function to change?
a. Expanding the size of the factories,
b. Increasing the quantity of labor and capital,
c. Increasing the quantity of capital,
d. Increasing the quantity of labor,
e. The adoption of new technology.
Production :
Production is the act of creating, manufacturing or developing anything, or the amount of that formed or processed. It is the process of making a valuable item, product or service, and also adding to the utility of people.
Answer and Explanation: 1
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View this answerThe correct answer is c) Increasing the quantity of capital.
The production function defines a technical partnership between the amounts of raw...
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Production Function in Economics: Definition, Formula & Example
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Chapter 11 / Lesson 27
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Learn about the production function. Read the production function definition in economics, learn the production function formula. Plus, see graphs and examples.
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