Definition of The Likelihood Function: In maximum likelihood estimation, the likelihood function (often denoted L()) is the joint probability function of the sample, given the probability distributions that are assumed for the errors. That function is constructed by multiplying the pdf of each of the data points together:

L(q) = L(q; X) = f(X; q) = f(X₀;q)f(X₁;q)...f(X_N;q) (Econterms)

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