State two characterstics of production function.
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Characteristics of Production Function:
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. It is possible that the same amount of inputs might produce higher level of output if a better technology is applied in production.
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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 . it is possible that the same amount of inputs might produce higher level of output if a better technology is applied in production
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