1.

Explain in brief the characteristics of production function.

Answer»

Following are the main characteristics of production function:

  1. Production function is an engineering concept.
  2. Production fundction is cost independent, i.e. it is not dependent on costs.
  3. Production function is related to the flow of means and production.
  4. On the basis of time period, it is short-term and long-term.
  5. Production function relates to a fixed time factor.
  6. It is related with the given technology.
  7. Production function accepts the substitution possibilities of means of production.


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