Production functions are one of the most important concepts in neoclassical economics. In this video, I discuss four common production functions, the intuition behind them, and I derive their marginal products. The four types of production functions are Cobb-Douglas, Perfect Substitutes, Perfect Complements, and Constant Elasticity of Substitution (CES).


0:00 - Introduction
0:37 - Preliminaries: Production Functions & Marginal Products
3:35 - Cobb-Douglas Production
8:18 - Perfect Substitutes Production
11:05 - Perfect Complements Production
16:54 - Constant Elasticity of Substitution (CES) Production