A production function:
A. defines the minimum amount of output that can be produced with inputs such as capital and labor.
B. defines the average amount of output that can be produced with inputs such as capital and labor.
C. is determined only by the expenditures on R&D.
D. represents the technology available for turning inputs into output.
Answer: D
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A production function represents the:
A. relative costs of the inputs across various modes of production. B. relationship between the quantity of inputs and the quantity of outputs. C. relationship between the cost of the inputs and the revenue generated by the outputs. D. relative values of the inputs and modes of production.