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Production function is 
  • a)
    Purely a technical relationship between input & output 
  • b)
    Purely an economic relationship between input & output 
  • c)
    Both the technical & economic relationship between input & output.
  • d)
    None of the above.
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
Production function isa)Purely a technical relationship between input ...
The production function is essentially a purely technical relationship in the sense that it shows the relation between physical quantities of inputs and the resulting output. It has nothing to do with the price of a factor or price of the commodity the firm produces.
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Most Upvoted Answer
Production function isa)Purely a technical relationship between input ...
And output
b)A relationship between the cost of production and the level of output
c)A relationship between the price of inputs and the level of output
d)A relationship between the level of output and the demand for the product
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Production function isa)Purely a technical relationship between input & outputb)Purely an economic relationship between input & outputc)Both the technical & economic relationship between input & output.d)None of the above.Correct answer is option 'A'. Can you explain this answer?
Question Description
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