A production function:
a. shows the relationship between a firm's costs and revenues
b. shows the relationship between production and profits.
c. shows the relationship between inputs and the maximum output that can be produced from those inputs.
d. shows the relationship between variable inputs and fixed inputs.
c
You might also like to view...
A nation will import a good if its no-trade, domestic
A) price is equal to the world price. B) price is less than the world price. C) price is greater than the world price. D) quantity is less than the world quantity. E) quantity is greater than the world quantity.
In this problem, demonstrate your knowledge of percentage rates of change of an entire demand function (HINT: %?Q = EP•%?P + EY•%?Y). You have found that the price elasticity of motor control devices at Allen-Bradley Corporation is -2, and that the income elasticity is a +1.5 . You have been asked to predict sales of these devices for one year into the future. Economists from the
Conference Board predict that income will be rising 3% over the next year, and AB's management is planning to raise prices 2%. You expect that the number of AB motor control devices sold in one year will: a. fall .5%. b. not change. c. rise 1%r. d. rise 2%. e. rise .5%.