Index Numbers Class 11 Notes: Get here CBSE Class 11 Economics Full and Short Notes of Chapter 7 for the upcoming annual exam revision.

We introduce and analyze a class of variable elasticity of substitution (VES) production functions for which the substitution parameter varies linearly with the capital-labor ratio around the ...

Arguably therefore, the production functions used in economic theory—whether spouted by mainstream Neoclassical or non-orthodox Post Keynesians—deserve to “collapse in deepest humiliation”.