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The production function A. depends on the technology available to the firm. B. specifies the minimum amount of inputs necessary to produce a given level of output. C. specifies the maximum possible output that can be produced with a given amount of inputs. D. All of the above.

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Answer:

D) All of the above.

  • A. depends on the technology available to the firm.
  • B. specifies the minimum amount of inputs necessary to produce a given level of output.
  • C. specifies the maximum possible output that can be produced with a given amount of inputs.

Explanation:

The production function is a mathematical representation between the amount of physical units of input (factors of production) required to produce a certain amount of output of finished products. In other words, the production function tells us how many products we can manufacture with a given amount of capital, labor and raw materials (land).  

The efficiency and productivity of the production function depends on the technology used by the manufacturer.

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