====== Production Function ======

Relationship between the output and the combination of factors used to obtain it, in an economic activity. 

====== Production Function Examples===== 


//During all the examples, Q is the output quantity per time period and L and K are the inputs quantities per time period.// 

See more: [[linear production function]].

==== Linear ====
''Q=aL''

===== Diminishing Returns =====
''Q=aL<sup>b</sup> 0<b<1''

===== Cobb Douglas =====
''Q=aL<sup>b</sup>K<sup>b</sup>''

See more about the [[Cobb-Douglas production function]].

===== Perfect Substitutes =====
''Q=aL+bK''

===== Fixed Proportions =====
''Q=min{aL,bK}''