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Eshaaan · 2024-05-23T05:40:51.115Z

ECO-Factors of production, page no 14-15 • The quantity and quality of the factors of production determine the level of output that can be achieved. Higher quality inputs lead to higher levels of output, while lower quality inputs lead to lower levels of output. • The quantity of inputs also affects the level of output. More inputs lead to higher levels of output, while fewer inputs lead to lower levels of output. • The combination of inputs and outputs is known as the production function, which describes the relationship between inputs and outputs. This relationship is used to determine the most efficient way to produce a given level of output. TH END

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Eshaaan

May 23

Edited: May 23

Causes of changes in the quantity and quality of factors of production

in Eshaaan

ECO-Factors of production, page no 14-15

The quantity and quality of the factors of production determine the level of output that can be achieved. Higher quality inputs lead to higher levels of output, while lower quality inputs lead to lower levels of output.
The quantity of inputs also affects the level of output. More inputs lead to higher levels of output, while fewer inputs lead to lower levels of output.
The combination of inputs and outputs is known as the production function, which describes the relationship between inputs and outputs. This relationship is used to determine the most efficient way to produce a given level of output.

TH END

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