Production and Cost in the Long-run

Long-run Production describes a period in which all inputs (and Q) are variable while technology is constant. A Cobb-Douglas production function can be used to describe the relationships.

There are a variety of other forms production functions can take, however the Cobb- Douglas is the simplest to describe. A short-run production function (Q = f(L) is a cross section from a long-run production function.