Define the production function. Discuss two criticisms of the Law of V

1.	Define the production function. Discuss two criticisms of the Law of Variable Proportions.
Answer» A production function shows the maximum quantity of a commodity that can be produced per unit of time with the given amount of inputs when the best production technique available is used. Two criticism of law of variable proportion is: Homogeneity of Variable factors: The assumption of homogeneous or equally efficient variable factors is criticized as it is not practical. Unchanged technologies: Law of variable proportions assumes technology to be given and remain unchanged which makes it unrealistic.

Define the production function. Discuss two criticisms of the Law of Variable Proportions.

Answer»

A production function shows the maximum quantity of a commodity that can be produced per unit of time with the given amount of inputs when the best production technique available is used.

Two criticism of law of variable proportion is:

Homogeneity of Variable factors: The assumption of homogeneous or equally efficient variable factors is criticized as it is not practical.

Unchanged technologies: Law of variable proportions assumes technology to be given and remain unchanged which makes it unrealistic.

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