0
The following are the features of the production function:
1. It involves transformation of raw materials into finished product.
2. The place where production takes place is known as a factory.
3. Production is undertaken in various departments, such as production and service department
of a factory.
4. Production may involve more than one process or operation.
5. It can be undertaken either manually or mechanically.
6. It is based on technology which may be either indigenous or imported.
7. Production is undertaken on large scale basis in recent times.
8. Production process involves combination of resources, such as materials, men, money,
machinery, management.
9. Production process leads to uniformity of finished goods.
10. In modern times, production process is highly specialised.
BY LM HARI KUMAAR - ALGAPPA UNIVERSITY.
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
What is the production function and types of production function?
production function is relation between firm's production and material factors of production
What is short run production function?
if at-least one factor of production is constant, production function is infact short-run production function
What sources shift production function?
s shift in production function
What is the managerial use of production function?
In microeconomics, a production function asserts that the maximum output of a technologically determined production process is a mathematical production of input factors of production.
How do you derive a cost function for a production function?
derive cost function from production function mathematically, usually done by utilizing mathematical optimization methods.
What is a function of testostrone?
Testostrone is a hormone that causes secondary sex characteristics in males and sperm production.
What is the production function and types of production function?
production function is relation between firm's production and material factors of production
What is short run production function?
if at-least one factor of production is constant, production function is infact short-run production function
What are the production function of Mc Donalds?
what is mcdonalds production function
What sources shift production function?
s shift in production function
What is the use of production function?
In microeconomics, a production function asserts that the maximum output of a technologically determined production process is a mathematical production of input factors of production.
What is the managerial use of production function?
In microeconomics, a production function asserts that the maximum output of a technologically determined production process is a mathematical production of input factors of production.
How does one figure the production function of their company?
One would have to figure out the production function of their company pretty early on. The production involves the things they make, and the function is what the product does.
How do you derive a cost function for a production function?
derive cost function from production function mathematically, usually done by utilizing mathematical optimization methods.
What is homogeneous and non homogeneous production function?
difference between homogeneous and non homogeneous production function
The simplest function with the defining characteristics on a function family?
Perpendicular
If production set is convex then production function is concave?
correct.
