00:01
All right, so if a firm uses labor to produce output, then our production function is going to have a couple of things on it.
00:09
Now, a typical production pos function considers, like, the amount of something that can be produced with something else.
00:20
So you might think of like bales of cotton to produce a certain number of cotton balls.
00:27
But in this case we know that this firm uses labor.
00:35
So we know that labor, or at least something relating to workers, is going to be on this function.
00:43
And then we're also going to know that the output, right, the quantity of output, probably looks something like that, is going to be on this graph...