What is production function and its characteristics?
Answers
Answered by
0
Characteristics of Production Function :
The function has the following characteristics. 1) Production function always relates to a particular period. 2) It shows maximum output secured by combining the available technical knowledge with the factors of production.
Answered by
1
Explanation:
Production Function. Definition: The Production Function shows the relationship between the quantity of output and the different quantities of inputs used in the production process.
Generally, production is the transformation of raw material into the finished goods.
Similar questions