With two factors of production, say, K and L, it is a measure of the curvature of a production isoquant.
42.
The inputs to the production function are commonly termed factors of production and may represent primary factors, which are stocks.
43.
The key factor is that the variable input is being changed while all other factors of production are being held constant.
44.
The primary concept is that there is exploitation towards a factor of production if it receives less than its marginal product.
45.
Within the framework of the neoclassical theory of the factors of production, there does also exist a law of diminishing returns.
46.
He claimed that all firms are cost savers; therefore under competitive equilibrium regime factors of production are paid its marginal value.
47.
The elasticity of substitution between factors of production is a measure of how easily one factor can be substituted for another.
48.
For example, a shock increase in the price of oil is felt by producers as an increase in the factors of production.
49.
Similarly, it is difficult to measure the income accruing to factors of production ( labour and capital ) within a given state.
50.
Factor availability : International trade is based on the specialization and a country specializes depending upon the availability of factors of production.
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