Production function is only a technical relationship between physical inputs and physical output.

True

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False

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Solution

The correct option is A True
Production function is only a technical relationship between physical inputs and physical output. This tells us how best the resources can be utilised for maximising output.

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Similar questions

The production function specifies the maximum output that can be produced with a given quantity of inputs. It is defined for a given state of engineering and technical knowledge.

Q. The variety of inputs required at every stage of production is known as physical capital.

Q. Which of the following statement best describe the general form of a production function?
(i) It is purely technological relationship between quantities of input and quantities of output.
(ii) It represent the technology of an organization/sector of an economy.
(iii) Prices of inputs or of the output do not enter into the production function.
(iv) It is flow concept describing the transformation of inputs into output per unit of time.

Q. When all the factors of production are varied, the relationship between input and output is known as?

Agricultural credit enhances the capacity to buy the physical inputs needed for agricultural production. State True or False.

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Production function is only a technical relationship between physical inputs and physical output.

The correct option is A TrueProduction function is only a technical relationship between physical inputs and physical output. This tells us how best the resources can be utilised for maximising output.

The correct option is A True
Production function is only a technical relationship between physical inputs and physical output. This tells us how best the resources can be utilised for maximising output.