Recent advances in the theory of production functions have led to the development of new parameters (the rates of materialized and autonomous technological progress), and also allowed us to make numerical measurements of some others (elasticity of substitution, etc.). First, we tried to generalize previous achievements and obtain a production function that would make it possible to measure simultaneously the increasing or falling efficiency of changing the scale of production, the marginal rate and elasticity of substitution, as well as the pace of materialized and autonomous technological progress. Secondly, we sought to apply the production function to the data of a socialist country. To this end, we used a somewhat unusual initial premise, starting the study not with the marginal product, but with the marginal rate of substitution. At the same time, we had to develop a method for correcting short-term economic fluctuations. This problem, as far as we know, has not yet been developed in the socialist countries. Third, we tried to apply the production function to the data on the main sectors of the Hungarian economy, since the numerical characteristics of intersectoral differences in terms of these parameters will significantly contribute to the optimal distribution of basic resources between industries or at least help to understand the distribution mechanism. This article should be considered as the first step towards this goal.