Production functions describe how output is determined by various inputs. The short run is defined as the period of time in which at least one input is fixed. Anything longer than that is considered the long run.

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Learn more: http://www.policonomics.com/production/

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This video explains how the production function can be built in order to analyse it. We start by explaining the main characteristics of production functions, then show its relationship with returns to scale and, finally, introduce the concept of isoquants.

Related videos:
-Isoquants: https://www.youtube.com/watch?v=xKUP1…
-MRTS: https://www.youtube.com/watch?v=LY5fX…

Related articles:
-Returns to scale: http://www.policonomics.com/returns-t…
-Isoquants: http://www.policonomics.com/isoquant/

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