Leontief production function
- Leontief production function
In economics, the Leontief production function s a production function that implies the factors of production will be used in fixed proportions, as there is no substitutability between factors. It was named after Wassily Leontief and represents a special case of the constant elasticity of substitution production function.
For production, the function is of the form "q" = Min(("z"1/"a"),("z"2/"b"))
Where "q" = quantity produced, "z"1 and "z"2 are quantities of input 1 and input 2 respectively and "a" and "b" are constants
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