What are the certain assumptions in production functions
What are the certain assumptions in production functions?
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The production functions are based upon exact assumption as follows:
a. Ideal divisibility of inputs and output both;
b. Restricted substitution of one factor for the others and
c. Constant technology; and
d. Inelastic supply of fixed factors within the short run.
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Illustrates the term Law of Demand? Answer: The law of Demand is termed as the “first law in market”. It shows the relation in between quantity and price
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