A production function » MCQ Academy English

Managerial Economics

A production function

Defines the minimum amount of output that can be produced with inputs such as capital and labor
Defines the average amount of output that can be produced with inputs such as capital and labor
Represents the technology available for turning inputs into output
Is determined only by the expenditures on R&D

A production function represents the technology available for turning inputs into output.

Tags: The Production Process and Costs