The production function incorporates the technically efficient method of
Select one:
O a. production
O b. function
O c. process
O d. All of these
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Production
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It incorporates all of these.
- A production function is a mathematical statement that describes the physical relationship between input and output over a time span.
- The general form states that the output of any material is determined by the quantity of inputs and production techniques.
- Given the state of technology, a material is manufactured using a variety of methods involving various combinations of factors. The same product can be produced in a variety of ways using various raw materials and technological options.
- As a result, there could be a variety of technically effective production methods.
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