Commerce Exam > Commerce Questions > This a MCQ (Multiple Choice Question) based p...
Start Learning for Free
This a MCQ (Multiple Choice Question) based practice test of Chapter 3 - Production and Costs of Economics of Class XII (12) for the quick revision/preparation of School Board examinations
Q Production function shows
- a)Technological relationship between inputs and output
- b)Economic relationship between inputs and output
- c)Technological relationship between inputs and cost
- d)Technological relationship between inputs and price
Correct answer is option 'A'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Verified Answer
This a MCQ (Multiple Choice Question) based practice test of Chapter 3...
Production function is an expression of the technological relation between physical inputs and output of a good.
Symbolically: Ox = f i1, i2, i3…. in)
{Where: Ox = Output of commodity x; f = Functional relationship; i1, i2, …. in = Inputs needed for Ox}
Example of Production function:
Suppose a firm is manufacturing chairs with the help of two inputs, say labour (L) and capital (K). Then, production function can be written as: OChairs = f (L, K)
Production function defines the maximum chairs (OChairs ), which can be produced with the given capital and labour inputs. If production functions is expressed as: 250 = (7L, 2K). It means, 7 units of labour and 2 units of capital can produce maximum of 250 chairs.
Most Upvoted Answer
This a MCQ (Multiple Choice Question) based practice test of Chapter 3...
For example if u wanna manufacture shoes(output) u need various inputs like leather,nails etc... i hope u understand.....
Free Test
FREE
| Start Free Test |
Community Answer
This a MCQ (Multiple Choice Question) based practice test of Chapter 3...
Explanation:
The production function is a concept used in economics to describe the relationship between inputs (factors of production) and output. It shows how much output can be produced with a given set of inputs.
1. Technological relationship between inputs and output:
The production function primarily shows the technological relationship between inputs and output. It describes how different combinations of inputs, such as labor and capital, can be used to produce a certain amount of output. It demonstrates the technical efficiency of the production process.
2. Economic relationship between inputs and output:
While the production function focuses on the technological relationship between inputs and output, it also indirectly represents the economic relationship between them. The output produced using different combinations of inputs will have different costs associated with it, which can impact the economic aspect of production.
3. Technological relationship between inputs and cost:
Although the production function does not directly show the relationship between inputs and cost, it indirectly influences the cost of production. The choice of inputs and their efficiency in the production process can affect the overall cost of production. For example, using more labor-intensive methods may increase the cost of production.
4. Technological relationship between inputs and price:
The production function does not explicitly depict the relationship between inputs and price. However, it indirectly affects the price of the final output. The cost of production, influenced by the production function, can impact the pricing decisions of the firm. Higher production costs may lead to higher prices for the final product.
In summary, the production function primarily shows the technological relationship between inputs and output. While it indirectly influences the economic aspects such as cost and price, its main focus is on the technical efficiency of the production process.
The production function is a concept used in economics to describe the relationship between inputs (factors of production) and output. It shows how much output can be produced with a given set of inputs.
1. Technological relationship between inputs and output:
The production function primarily shows the technological relationship between inputs and output. It describes how different combinations of inputs, such as labor and capital, can be used to produce a certain amount of output. It demonstrates the technical efficiency of the production process.
2. Economic relationship between inputs and output:
While the production function focuses on the technological relationship between inputs and output, it also indirectly represents the economic relationship between them. The output produced using different combinations of inputs will have different costs associated with it, which can impact the economic aspect of production.
3. Technological relationship between inputs and cost:
Although the production function does not directly show the relationship between inputs and cost, it indirectly influences the cost of production. The choice of inputs and their efficiency in the production process can affect the overall cost of production. For example, using more labor-intensive methods may increase the cost of production.
4. Technological relationship between inputs and price:
The production function does not explicitly depict the relationship between inputs and price. However, it indirectly affects the price of the final output. The cost of production, influenced by the production function, can impact the pricing decisions of the firm. Higher production costs may lead to higher prices for the final product.
In summary, the production function primarily shows the technological relationship between inputs and output. While it indirectly influences the economic aspects such as cost and price, its main focus is on the technical efficiency of the production process.
Attention Commerce Students!
To make sure you are not studying endlessly, EduRev has designed Commerce study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in Commerce.
|
Explore Courses for Commerce exam
|
|
Top Courses for CommerceView all
This a MCQ (Multiple Choice Question) based practice test of Chapter 3- Production and Costs of Economics of Class XII (12) for the quick revision/preparation of School Board examinationsQ Production function showsa)Technological relationship between inputs and outputb)Economic relationship between inputs and outputc)Technological relationship between inputs and costd)Technological relationship between inputs and priceCorrect answer is option 'A'. Can you explain this answer?
Question Description
This a MCQ (Multiple Choice Question) based practice test of Chapter 3- Production and Costs of Economics of Class XII (12) for the quick revision/preparation of School Board examinationsQ Production function showsa)Technological relationship between inputs and outputb)Economic relationship between inputs and outputc)Technological relationship between inputs and costd)Technological relationship between inputs and priceCorrect answer is option 'A'. 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 This a MCQ (Multiple Choice Question) based practice test of Chapter 3- Production and Costs of Economics of Class XII (12) for the quick revision/preparation of School Board examinationsQ Production function showsa)Technological relationship between inputs and outputb)Economic relationship between inputs and outputc)Technological relationship between inputs and costd)Technological relationship between inputs and priceCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for This a MCQ (Multiple Choice Question) based practice test of Chapter 3- Production and Costs of Economics of Class XII (12) for the quick revision/preparation of School Board examinationsQ Production function showsa)Technological relationship between inputs and outputb)Economic relationship between inputs and outputc)Technological relationship between inputs and costd)Technological relationship between inputs and priceCorrect answer is option 'A'. Can you explain this answer?.
This a MCQ (Multiple Choice Question) based practice test of Chapter 3- Production and Costs of Economics of Class XII (12) for the quick revision/preparation of School Board examinationsQ Production function showsa)Technological relationship between inputs and outputb)Economic relationship between inputs and outputc)Technological relationship between inputs and costd)Technological relationship between inputs and priceCorrect answer is option 'A'. 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 This a MCQ (Multiple Choice Question) based practice test of Chapter 3- Production and Costs of Economics of Class XII (12) for the quick revision/preparation of School Board examinationsQ Production function showsa)Technological relationship between inputs and outputb)Economic relationship between inputs and outputc)Technological relationship between inputs and costd)Technological relationship between inputs and priceCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for This a MCQ (Multiple Choice Question) based practice test of Chapter 3- Production and Costs of Economics of Class XII (12) for the quick revision/preparation of School Board examinationsQ Production function showsa)Technological relationship between inputs and outputb)Economic relationship between inputs and outputc)Technological relationship between inputs and costd)Technological relationship between inputs and priceCorrect answer is option 'A'. Can you explain this answer?.
Solutions for This a MCQ (Multiple Choice Question) based practice test of Chapter 3- Production and Costs of Economics of Class XII (12) for the quick revision/preparation of School Board examinationsQ Production function showsa)Technological relationship between inputs and outputb)Economic relationship between inputs and outputc)Technological relationship between inputs and costd)Technological relationship between inputs and priceCorrect answer is option 'A'. 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 This a MCQ (Multiple Choice Question) based practice test of Chapter 3- Production and Costs of Economics of Class XII (12) for the quick revision/preparation of School Board examinationsQ Production function showsa)Technological relationship between inputs and outputb)Economic relationship between inputs and outputc)Technological relationship between inputs and costd)Technological relationship between inputs and priceCorrect answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
This a MCQ (Multiple Choice Question) based practice test of Chapter 3- Production and Costs of Economics of Class XII (12) for the quick revision/preparation of School Board examinationsQ Production function showsa)Technological relationship between inputs and outputb)Economic relationship between inputs and outputc)Technological relationship between inputs and costd)Technological relationship between inputs and priceCorrect answer is option 'A'. Can you explain this answer?, a detailed solution for This a MCQ (Multiple Choice Question) based practice test of Chapter 3- Production and Costs of Economics of Class XII (12) for the quick revision/preparation of School Board examinationsQ Production function showsa)Technological relationship between inputs and outputb)Economic relationship between inputs and outputc)Technological relationship between inputs and costd)Technological relationship between inputs and priceCorrect answer is option 'A'. Can you explain this answer? has been provided alongside types of This a MCQ (Multiple Choice Question) based practice test of Chapter 3- Production and Costs of Economics of Class XII (12) for the quick revision/preparation of School Board examinationsQ Production function showsa)Technological relationship between inputs and outputb)Economic relationship between inputs and outputc)Technological relationship between inputs and costd)Technological relationship between inputs and priceCorrect answer is option 'A'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice This a MCQ (Multiple Choice Question) based practice test of Chapter 3- Production and Costs of Economics of Class XII (12) for the quick revision/preparation of School Board examinationsQ Production function showsa)Technological relationship between inputs and outputb)Economic relationship between inputs and outputc)Technological relationship between inputs and costd)Technological relationship between inputs and priceCorrect answer is option 'A'. Can you explain this answer? tests, examples and also practice Commerce tests.
|
|
Explore Courses for Commerce exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up
within 7 days!
within 7 days!
Takes less than 10 seconds to signup