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Production Function

The productio...

Question

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.

A

True.

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B

False.

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Solution

The correct option is A
True.

True. 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.

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Similar questions

Q. The production function specifies the output that can be produced with the given inputs.

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

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.

State true or false.
$\frac{1}{0}$ is a defined quantity.

The only way to increase outputs is to increase the inputs. State true or false.

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