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The following are the important attributes of production function:
i. The production function is a flow concept. ( Input- Process- Output)
ii. A production function is a technical relationship between inputs and outputs expressed in physical terms.
iii. The production function of a firm depends on the state of technology and inputs.
iv. From the economic point of view, a rational firm is interested not in all the numerous possible levels of output but only in that combination which yields maximum outputs.
v. The short run production function pertains to the given scale of production. The long run production function pertains to the changing scale of production
marto answered the question on April 16, 2019 at 12:40