Yankovyi, OleksandrKoval, ViktorLazorenko, LarysaPoberezhets, Olha V.Novikova, MarinaGonchar, ViktoriyaПобережець, Ольга ВалеріївнаПобережец, Ольга Валерьевна2021-12-162021-12-162021Studies of Applied Economicshttps://dspace.onu.edu.ua/handle/123456789/32030The most popular two-factor production functions used in the process of modeling sustainable economic development are examined. Economic and mathematical characteristics of Cobb-Douglas production functions, CES-function, linear function, Leontief and Allen functions are considered, in particular, type of dependence of labour productivity in relation to capital-labour ratio of commodity production system within mentioned production functions. Their most important economic and mathematical characteristics are presented: factors average and marginal return, demand for production resources, factor substitution, factors marginal rate of technical substitution, output elasticity by factors, elasticity of factors technical substitution, optimal capital-labour ratio according to the criterion of maximum output. Comparative analysis is given to Cobb-Douglas and CES-functions, which are two production functions mostly required in practice.enlabour productivitycapital-labour ratioproduction functionssustainable economic developmentArticlehttps://doi.org/10.25115/eea.v39i5.5090