give any two features of production function
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Production is the result of co-operation of four factors of production viz., land, labour, capital and organization. This is evident from the fact that no single commodity can be produced without the help of any one of these four factors of production.
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Two features of the production function are:
Substitutability: When for one production function factor, one factor such as inputs replaces other means the process comes under substitutability. It is through this feature that we understand and define laws of variable proportions.Specificity:We try to bring and apply the inputs such as machines specific to a particular output that we expect. Machines and types of equipment are some examples to support this feature.
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