McqMate
| Q. |
Production function explains the relationship between - |
| A. | initial inputs and ultimate output |
| B. | inputs and ultimate consumption |
| C. | output and consumption |
| D. | output and exports |
| Answer» A. initial inputs and ultimate output | |
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Explanation: Production function explains the relationship between factor input and output under given technology. It explains as to for increasing the output, in which proportion various inputs or factors may be employed under given technological conditions. In short, production function may be defined as a technological relationship that tells the maximum output producible from various combinations of inputs. Production function explains the physical relationship between input and output under given technology. |
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