McqMate
| Q. |
Production function expresses - |
| A. | technological relationship between physical inputs and output |
| B. | financial relationship between physical inputs and output |
| C. | relationship between finance and technology |
| D. | relationship between factors of production |
| Answer» A. technological relationship between physical inputs and output | |
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Explanation: Production involves transformation of inputs into outputs. The output is a function of input. The functional relationship between physical inputs and physical output of a firm is called production function. The word 'function' in mathematics means the precise relationship that exists between one dependent variable and a number (or one) of independent variables. The production function states the maximum quantity of output that can be produced from any given quantities of various inputs during a given period of time. |
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