Any production function embodies a
A) predetermined rate of return.
B) statement of the firm's goals and objectives.
C) rate of depreciation.
D) given state of technology.
E) financial commitment to common stockholders.

Question

Quizplus · Accepted Answer

A production function describes the relationship between the inputs used in production and the resulting output. It is based on the given state of technology, which refers to the techniques and methods used to produce goods and services. The production function does not embody a predetermined rate of return, statement of the firm's goals and objectives, rate of depreciation, or a financial commitment to common stockholders.

Any Production Function Embodies a