The letter ‘b’ in the production function : y = a + bx is

✅Explanation:
In the production function y = a + bx,
-y: Represents the dependent variable, which is the total output produced.
-a: Represents the fixed cost or y-intercept. This is the output level even when there's no input (x = 0).
-b: Represents the slope of the equation. It indicates the change in output (y) for a one-unit change in input (x).
Therefore, b signifies the rate of change in output with respect to the input, making it the slope.

🔴 Related Terminology:
-Production Function: An equation that shows the relationship between the quantity of inputs (factors of production) and the quantity of outputs (goods or services) produced.
-Marginal Product: The additional output produced by using one more unit of input, holding all other inputs constant.
-Law of Diminishing Returns: A principle stating that as the quantity of a variable input increases (while holding all other inputs constant), the marginal product of that variable input will eventually decrease.