A production function defines the output that can be produced A. as technology changes over time. B. in a given time period if no additional inputs are hired. C. for the average firm. D. at the lowest cost, given the inputs available. E. if the firm is technically efficient. Why E is correct? Please explain every opinion for me. Thx~ Note:-
A production function defines the output that can be produced A. as technology changes over time. B. in a given time period if no additional inputs are hired. C. for the average firm. D. at the lowest cost, given the inputs available. E. if the firm is technically efficient. Why E is correct? Please explain every opinion for me. Thx~ Note:-
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter7: Production Economics
Section: Chapter Questions
Problem 1E
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A production function defines the output that can be produced
A. as technology changes over time.
B. in a given time period if no additional inputs are hired.
C. for the average firm.
D. at the lowest cost, given the inputs available.
E. if the firm is technically efficient.
Why E is correct? Please explain every opinion for me. Thx~
Note:-
- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
- Answer completely.
- You will get up vote for sure.
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