Explain in brief the characteristics of production function.
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The job production possesses the following characteristics.
1. A large number of general purpose machines are required.
2. A large number of workers conversant with different jobs will have to be employed.
3. There can be some variations in production.
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Explanation:
It represents a technical relationship between physical input and physical output. It does not take into consideration money cost or price of the output sold. The state of technical knowledge is assumed to be given and constant.
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