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The Production Frontier

The production function defines the technology of the business and the relationship between the inputs used by the business and the quantity of goods or services provided. The specification of this relationship should play an important role in business or management simulations. The costs of doing business and profits are directly related to the production function. The production function will influence the firm’s optimal mix of inputs, inventory policy, capital utilization, and capital investment. Business and management simulations are modeled to represent the &dquo;real world&dquo; firm. Participants in a simulation should gain insights into the workings of the real world through involvement with the simulation. As a result, it is necessary that the functions and algorithms within the simulation be consistent with the economic theory of production. Although the economic theory of production is well known, the task of incorporating the theoretical properties into a computerized business simulation is not straightforward, as Goosen (1986) stated: