Question Description
Direction: Read the following passage and answer the question that follows:The production function exhibits technological relationships between physical inputs and outputs and is thus said to belong to the domain of engineering. Prof. Stigler does not agree with this commonly held view. The function of management is to sort out the right type of combination of inputs for the quantity of output he desires.For this, he has to know the prices of his inputs and the technique to be used for producing a specified output within a specified period of time. All these technical possibilities are derived from applied sciences but cannot be worked out by technologists or engineers alone. ‘The entrepreneurs also provide productive services, and they are far from standardized.Some men can get gang of workers to do their best, others are better at luring customers, still others at borrowing money, and each will have a different production function. If we take account of activities such as selling, settling strikes and anticipating future styles of product, it is clear that large segments of what we mean by technique are matters of business knowledge and talents, not to be acquired in the best engineering schools.” The production function is, in fact, “the economist’s summary of technological knowledge,” as pointed out by Prof. Stigler.Q. Who all have a productions function?a)Gang of workersb)Luring customersc)Borrowersd)All of the aboveCorrect answer is option 'D'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Direction: Read the following passage and answer the question that follows:The production function exhibits technological relationships between physical inputs and outputs and is thus said to belong to the domain of engineering. Prof. Stigler does not agree with this commonly held view. The function of management is to sort out the right type of combination of inputs for the quantity of output he desires.For this, he has to know the prices of his inputs and the technique to be used for producing a specified output within a specified period of time. All these technical possibilities are derived from applied sciences but cannot be worked out by technologists or engineers alone. ‘The entrepreneurs also provide productive services, and they are far from standardized.Some men can get gang of workers to do their best, others are better at luring customers, still others at borrowing money, and each will have a different production function. If we take account of activities such as selling, settling strikes and anticipating future styles of product, it is clear that large segments of what we mean by technique are matters of business knowledge and talents, not to be acquired in the best engineering schools.” The production function is, in fact, “the economist’s summary of technological knowledge,” as pointed out by Prof. Stigler.Q. Who all have a productions function?a)Gang of workersb)Luring customersc)Borrowersd)All of the aboveCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Direction: Read the following passage and answer the question that follows:The production function exhibits technological relationships between physical inputs and outputs and is thus said to belong to the domain of engineering. Prof. Stigler does not agree with this commonly held view. The function of management is to sort out the right type of combination of inputs for the quantity of output he desires.For this, he has to know the prices of his inputs and the technique to be used for producing a specified output within a specified period of time. All these technical possibilities are derived from applied sciences but cannot be worked out by technologists or engineers alone. ‘The entrepreneurs also provide productive services, and they are far from standardized.Some men can get gang of workers to do their best, others are better at luring customers, still others at borrowing money, and each will have a different production function. If we take account of activities such as selling, settling strikes and anticipating future styles of product, it is clear that large segments of what we mean by technique are matters of business knowledge and talents, not to be acquired in the best engineering schools.” The production function is, in fact, “the economist’s summary of technological knowledge,” as pointed out by Prof. Stigler.Q. Who all have a productions function?a)Gang of workersb)Luring customersc)Borrowersd)All of the aboveCorrect answer is option 'D'. Can you explain this answer?.

Solutions for Direction: Read the following passage and answer the question that follows:The production function exhibits technological relationships between physical inputs and outputs and is thus said to belong to the domain of engineering. Prof. Stigler does not agree with this commonly held view. The function of management is to sort out the right type of combination of inputs for the quantity of output he desires.For this, he has to know the prices of his inputs and the technique to be used for producing a specified output within a specified period of time. All these technical possibilities are derived from applied sciences but cannot be worked out by technologists or engineers alone. ‘The entrepreneurs also provide productive services, and they are far from standardized.Some men can get gang of workers to do their best, others are better at luring customers, still others at borrowing money, and each will have a different production function. If we take account of activities such as selling, settling strikes and anticipating future styles of product, it is clear that large segments of what we mean by technique are matters of business knowledge and talents, not to be acquired in the best engineering schools.” The production function is, in fact, “the economist’s summary of technological knowledge,” as pointed out by Prof. Stigler.Q. Who all have a productions function?a)Gang of workersb)Luring customersc)Borrowersd)All of the aboveCorrect answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for Commerce. Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.

Here you can find the meaning of Direction: Read the following passage and answer the question that follows:The production function exhibits technological relationships between physical inputs and outputs and is thus said to belong to the domain of engineering. Prof. Stigler does not agree with this commonly held view. The function of management is to sort out the right type of combination of inputs for the quantity of output he desires.For this, he has to know the prices of his inputs and the technique to be used for producing a specified output within a specified period of time. All these technical possibilities are derived from applied sciences but cannot be worked out by technologists or engineers alone. ‘The entrepreneurs also provide productive services, and they are far from standardized.Some men can get gang of workers to do their best, others are better at luring customers, still others at borrowing money, and each will have a different production function. If we take account of activities such as selling, settling strikes and anticipating future styles of product, it is clear that large segments of what we mean by technique are matters of business knowledge and talents, not to be acquired in the best engineering schools.” The production function is, in fact, “the economist’s summary of technological knowledge,” as pointed out by Prof. Stigler.Q. Who all have a productions function?a)Gang of workersb)Luring customersc)Borrowersd)All of the aboveCorrect answer is option 'D'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Direction: Read the following passage and answer the question that follows:The production function exhibits technological relationships between physical inputs and outputs and is thus said to belong to the domain of engineering. Prof. Stigler does not agree with this commonly held view. The function of management is to sort out the right type of combination of inputs for the quantity of output he desires.For this, he has to know the prices of his inputs and the technique to be used for producing a specified output within a specified period of time. All these technical possibilities are derived from applied sciences but cannot be worked out by technologists or engineers alone. ‘The entrepreneurs also provide productive services, and they are far from standardized.Some men can get gang of workers to do their best, others are better at luring customers, still others at borrowing money, and each will have a different production function. If we take account of activities such as selling, settling strikes and anticipating future styles of product, it is clear that large segments of what we mean by technique are matters of business knowledge and talents, not to be acquired in the best engineering schools.” The production function is, in fact, “the economist’s summary of technological knowledge,” as pointed out by Prof. Stigler.Q. Who all have a productions function?a)Gang of workersb)Luring customersc)Borrowersd)All of the aboveCorrect answer is option 'D'. Can you explain this answer?, a detailed solution for Direction: Read the following passage and answer the question that follows:The production function exhibits technological relationships between physical inputs and outputs and is thus said to belong to the domain of engineering. Prof. Stigler does not agree with this commonly held view. The function of management is to sort out the right type of combination of inputs for the quantity of output he desires.For this, he has to know the prices of his inputs and the technique to be used for producing a specified output within a specified period of time. All these technical possibilities are derived from applied sciences but cannot be worked out by technologists or engineers alone. ‘The entrepreneurs also provide productive services, and they are far from standardized.Some men can get gang of workers to do their best, others are better at luring customers, still others at borrowing money, and each will have a different production function. If we take account of activities such as selling, settling strikes and anticipating future styles of product, it is clear that large segments of what we mean by technique are matters of business knowledge and talents, not to be acquired in the best engineering schools.” The production function is, in fact, “the economist’s summary of technological knowledge,” as pointed out by Prof. Stigler.Q. Who all have a productions function?a)Gang of workersb)Luring customersc)Borrowersd)All of the aboveCorrect answer is option 'D'. Can you explain this answer? has been provided alongside types of Direction: Read the following passage and answer the question that follows:The production function exhibits technological relationships between physical inputs and outputs and is thus said to belong to the domain of engineering. Prof. Stigler does not agree with this commonly held view. The function of management is to sort out the right type of combination of inputs for the quantity of output he desires.For this, he has to know the prices of his inputs and the technique to be used for producing a specified output within a specified period of time. All these technical possibilities are derived from applied sciences but cannot be worked out by technologists or engineers alone. ‘The entrepreneurs also provide productive services, and they are far from standardized.Some men can get gang of workers to do their best, others are better at luring customers, still others at borrowing money, and each will have a different production function. If we take account of activities such as selling, settling strikes and anticipating future styles of product, it is clear that large segments of what we mean by technique are matters of business knowledge and talents, not to be acquired in the best engineering schools.” The production function is, in fact, “the economist’s summary of technological knowledge,” as pointed out by Prof. Stigler.Q. Who all have a productions function?a)Gang of workersb)Luring customersc)Borrowersd)All of the aboveCorrect answer is option 'D'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Direction: Read the following passage and answer the question that follows:The production function exhibits technological relationships between physical inputs and outputs and is thus said to belong to the domain of engineering. Prof. Stigler does not agree with this commonly held view. The function of management is to sort out the right type of combination of inputs for the quantity of output he desires.For this, he has to know the prices of his inputs and the technique to be used for producing a specified output within a specified period of time. All these technical possibilities are derived from applied sciences but cannot be worked out by technologists or engineers alone. ‘The entrepreneurs also provide productive services, and they are far from standardized.Some men can get gang of workers to do their best, others are better at luring customers, still others at borrowing money, and each will have a different production function. If we take account of activities such as selling, settling strikes and anticipating future styles of product, it is clear that large segments of what we mean by technique are matters of business knowledge and talents, not to be acquired in the best engineering schools.” The production function is, in fact, “the economist’s summary of technological knowledge,” as pointed out by Prof. Stigler.Q. Who all have a productions function?a)Gang of workersb)Luring customersc)Borrowersd)All of the aboveCorrect answer is option 'D'. Can you explain this answer? tests, examples and also practice Commerce tests.