Question

State two assumptions of production function.

Answer 1

$\huge\blue{\tt Hey}$

Two assumptions are:-

(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.

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Answer 2

Answer:

Explanation:

(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.