Linear and Leontief Production Function | BECC101/105 | IES | UGC NET ECONOMICS | ECONOMICS OPTIONAL

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Hello everyone, In this video I have discussed Linear and Leontief Production Function. A linear production function assumes perfect substitutability between inputs, meaning one input can be completely replaced by another at a constant rate, while a Leontief production function assumes inputs are used in fixed proportions, with no possibility of substituting one input for another; essentially, both inputs are needed in a specific ratio to produce any output, making them perfect complements.

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