Which of the following statements best describes the general form of a production function:(i) It is a purely technological relationship between quantities of input and quantities of output.(ii) It represents the technology of an organisation, sector of an economy.(iii) Prices of inputs or of the output do not enter into the production function.(iv) It is a flow concept describing the transformation of inputs into output per unitof time.
A)(i),(ii) and (iv)
B)(i) and (ii)
C)(i) and (iv)
D)all of the above

Question

Quizplus · Accepted Answer

The general form of a production function describes a purely technological relationship between quantities of input and output (i), represents the technology of an organization or sector (ii), does not include prices of inputs or output (iii), and is a flow concept describing the transformation of inputs into output per unit of time (iv).

Which of the Following Statements Best Describes the General Form