What is a production function?


A firm combines various inputs to produce its output. The production function is the relationship between these inputs and the output produced by the firm. It shows the maximum output that can be produced for every combination of inputs used.

Economics

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Using the table provided above, what can be concluded about the Gini ratio and what does this mean for income equality?

A) The Gini ratio is increasing which means there is greater income inequality. B) The Gini ratio is increasing which means there is greater income equality. C) The Gini ratio is decreasing which means there is greater income equality. D) The Gini ratio is decreasing which means there is greater income inequality.

Economics

Which of the following countries has the longest life expectancy for both men and women?

a. Japan. b. Germany. c. Canada. d. Great Britain. e. theUnited States.

Economics

To an economist, freeway congestion is a sign that the price to drive on the freeway is

A) below its equilibrium level. B) at its equilibrium level. C) above its equilibrium level. D) either a or c E) none of the above

Economics

Which of the following is an outside incentive that forces managers to put forth maximal effort?

A. Reputation B. Incentive contracts C. Flat fees D. Performance bonuses

Economics