5 Questions
What does a production function express?
Quantitative relation between change in inputs and resulting change in output
What does a production function connect?
Quantity of inputs required and quantity of output produced
What does a production function include?
Only technically efficient combinations of inputs
What is the production function an expression of?
Quantitative relation between change in inputs and resulting change in output
In the production function Q = f (i1, i2. in), what does Q represent?
Output of a specified good
Test your knowledge of production functions with this quiz! Learn about the physical relationship between inputs and outputs, as well as the features of production functions. See how well you understand the technical relation that connects input quantity to output quantity.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
