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What does a production function express?
What does a production function express?
- Non-technical relation between inputs and output
- Quantitative relation between change in inputs and resulting change in output (correct)
- Static relationship between inputs and output
- Qualitative relation between inputs and output
What does a production function connect?
What does a production function connect?
- Quality of inputs required and quantity of output produced
- Quality of inputs required and quality of output produced
- Quantity of inputs required and quantity of output produced (correct)
- Quantity of inputs required and quality of output produced
What does a production function include?
What does a production function include?
- Only technically efficient combinations of inputs (correct)
- Combinations of inputs based on availability
- All combinations of inputs, whether efficient or not
- Only the most expensive combinations of inputs
What is the production function an expression of?
What is the production function an expression of?
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In the production function Q = f (i1, i2. in), what does Q represent?
In the production function Q = f (i1, i2. in), what does Q represent?
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