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Production function is not based on the assumption of the -
- a)Market ability of products
- b)Complementarity of inputs
- c)Specificity of inputs
- d)Substitutability of inputs
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
Production function is not based on the assumption of the -a)Market ab...
Market ability of products
Production function is not based on the assumption of the market ability of products. The production function simply shows the relationship between inputs and outputs in the production process, without considering whether the products can be sold in the market or not.
Complementarity of inputs
One of the key assumptions of the production function is the complementarity of inputs. This means that different inputs work together to produce a certain level of output. For example, labor and capital are often considered complementary inputs in the production process.
Specificity of inputs
Another important assumption of the production function is the specificity of inputs. This means that each input is specific to the production process and cannot be easily substituted with another input. For example, a specialized piece of machinery may be required for a specific production process.
Substitutability of inputs
The substitutability of inputs is also a key assumption of the production function. This means that in some cases, inputs can be substituted for each other in the production process. For example, if the price of labor increases, a firm may choose to substitute capital for labor in order to maintain production levels.
Production function is not based on the assumption of the market ability of products. The production function simply shows the relationship between inputs and outputs in the production process, without considering whether the products can be sold in the market or not.
Complementarity of inputs
One of the key assumptions of the production function is the complementarity of inputs. This means that different inputs work together to produce a certain level of output. For example, labor and capital are often considered complementary inputs in the production process.
Specificity of inputs
Another important assumption of the production function is the specificity of inputs. This means that each input is specific to the production process and cannot be easily substituted with another input. For example, a specialized piece of machinery may be required for a specific production process.
Substitutability of inputs
The substitutability of inputs is also a key assumption of the production function. This means that in some cases, inputs can be substituted for each other in the production process. For example, if the price of labor increases, a firm may choose to substitute capital for labor in order to maintain production levels.
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Production function is not based on the assumption of the -a)Market ab...
- Production function is purely a technological relationship which expresses the relation between output of a good and the different combination of inputs used in its production. It is a catalogue of different output possibilities. Firm have various inputs and they have to arrange it in a way that will yield maximum benefits.
- Thus, the firms have substitutability of inputs, complementarity of inputs and specificity of inputs. But it does not based on the assumption of marketability of products.
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Production function is not based on the assumption of the -a)Market ability of productsb)Complementarity of inputsc)Specificity of inputsd)Substitutability of inputsCorrect answer is option 'A'. Can you explain this answer?
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