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Questions and Answers
What is the relationship between inputs used and output produced by a firm?
What is the relationship between inputs used and output produced by a firm?
- Production function (correct)
- Profit function
- Cost function
- Revenue function
In the context of the farmer mentioned in the text, what are the two inputs used to produce wheat?
In the context of the farmer mentioned in the text, what are the two inputs used to produce wheat?
- Water and sunlight
- Land and labour (correct)
- Land and air
- Seed and fertilizer
What does a production function describe?
What does a production function describe?
- Number of firms in the market
- Maximum profit a firm can earn
- Cost structure of the firm
- Relationship between inputs and output (correct)
Which factor determines the maximum levels of output that can be produced using different input combinations?
Which factor determines the maximum levels of output that can be produced using different input combinations?
What do factors of production refer to?
What do factors of production refer to?
What does efficiency imply in the context of a production function?
What does efficiency imply in the context of a production function?
What is the process by which inputs are transformed into output?
What is the process by which inputs are transformed into output?
In production, a firm acquires inputs like labor, machines, land, and raw materials. What does a tailor use to produce shirts?
In production, a firm acquires inputs like labor, machines, land, and raw materials. What does a tailor use to produce shirts?
What is the term used for the process where a firm sells its output in the market and earns revenue?
What is the term used for the process where a firm sells its output in the market and earns revenue?
A rickshaw puller uses which of the following to produce rickshaw rides?
A rickshaw puller uses which of the following to produce rickshaw rides?
What is the common term often used interchangeably with production in economic contexts?
What is the common term often used interchangeably with production in economic contexts?
In production, what is the cost a firm has to pay to acquire inputs called?
In production, what is the cost a firm has to pay to acquire inputs called?
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