Leontief production function in the context of "Substitute good"

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⭐ Core Definition: Leontief production function

In economics, the Leontief production function or fixed proportions production function is a production function that implies the factors of production which will be used in fixed (technologically predetermined) proportions, as there is no substitutability between factors. It was named after Wassily Leontief and represents a limiting case of the constant elasticity of substitution production function.

For the simple case of a good that is produced with two inputs, the function is of the form

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Leontief production function in the context of Joint product

In economics, joint product is a product that results jointly with other products from processing a common input; this common process is also called joint production. A joint product can be the output of a process with fixed or variable proportions.

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