Question

Production function can be expressed in the following forms:
A. Social form
B. Tabular form
C. Cultural form
D. Graphic form
E. Algebraic form

• A. A only
• B. B and C only
• C. C, D and E only
• D. B, D and E only

Hint:

To represent any quantitative economic function, you can use numbers (Tables), drawings (Graphs), or equations (Algebraic formulas). These are the standard three tools of quantitative economics.

Answer 1

The Correct Option is D

Step 1: Understanding the Concept:
A production function represents the technical relationship between physical inputs and physical outputs.

Step 2: Detailed Explanation:
A production function can be described and presented using three standard methods of representation:
1. Tabular form (B): A schedule or table showing the exact quantities of outputs produced from corresponding levels of input usage.
2. Graphic form (D): Plotted curves on a two-dimensional graph (such as the TPP, APP, and MPP curves) that visually represent production trends.
3. Algebraic form (E): Mathematical equations expressing output as a function of inputs, such as the quadratic equation $Y = a + bX - cX^2$ or the power function (Cobb-Douglas) $Y = aX^b$.
"Social" and "Cultural" forms are not scientific presentations of economic production data.

Step 3: Final Answer:
The valid forms are Tabular (B), Graphic (D), and Algebraic (E), corresponding to Option (D).