Assertion: A production function deals only with the efficient use of inputs.
Reasoning: Efficiency implies that it is possible to get any more output from the same level of inputs.
Answer & explanation
Correct answer: option 3
The correct answer is option 3 : Assertion (A) is true but Reasoning (R) is not correct.
Assertion: A production function deals only with the efficient use of inputs. This is correct. Production functions represent the maximum output achievable from a given set of inputs, implying efficiency.
Reasoning: Efficiency implies that it is possible to get any more output from the same level of inputs. This is incorrect. Efficiency implies that it is not possible to get any more output from the same level of inputs. If it was possible to get more output, the current state wouldn't be efficient.