Final answer:
A Leontief Isoquant function is a concept used in production theory that represents the combinations of inputs that yield a certain level of output. It assumes a fixed ratio of input quantities and is graphically represented as a right-angled L-shape.
Step-by-step explanation:
A Leontief Isoquant function is a concept used in production theory that represents the combinations of inputs (such as labor and capital) that yield a certain level of output. The function is also known as a fixed-proportions production function because it assumes a fixed ratio of input quantities.
The Leontief Isoquant function is graphically represented as a right-angled L-shape. The vertical axis represents the quantity of one input, while the horizontal axis represents the quantity of another input. The function is linear and shows that the inputs must be used in fixed proportions to produce output.
For example, if a firm wants to produce 100 units of output, the Leontief Isoquant function shows the specific combinations of labor and capital that can achieve that output level.