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wrote...
Posts: 55
2 weeks ago

Question 1.

Which of the following activities is NOT included in the production process?

• determining the value of the goods

• transporting the goods

• packaging the goods

• making the goods

Question 2.

Which of the following statements is NOT true about the production function?

• A new production function does not have to be developed when there is technical progress since technology is included in the function.

• The production function depends upon the level of technology available to the firm.

• It specifies the cost of inputs necessary to produce a certain level of outputs.

• It gives the maximum output that can be obtained for a given level of inputs.
Source  Download
Economics Today: The Micro View
Edition: 19th
Author:
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Answer verified by a subject expert
wrote...
Posts: 60
2 weeks ago
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Answer 1

determining the value of the goods

Answer 2

A new production function does not have to be developed when there is technical progress since technology is included in the function.
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