Learn about new technologies!
{Diagram is given below}
For the given production function, technical efficiency is defined as:
Sets of points relating production function that maximizes output given input (labor) i.e. Q = f(L, K)
Sets of points relating production function that produces less output than possible for a given set of input (labor) i.e. Q < f(L, K)
Use of imported technology
None of the above
Correct Answer :
A. Sets of points relating production function that maximizes output given input (labor) i.e. Q = f(L, K)
{Diagram is given below}