Economy, asked by sumitboro9135, 10 months ago

Describe the assumptions of production function.

Answers

Answered by brosunny

Answer:

This law is based on the following assumptions:

(1) It is possible to change the proportions in which the various factors (inputs) are combined. (2) Only one factor is variable while others are held constant. (3) All units of the variable factor are homogeneous. (4) There is no change in technology.

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