PRODUCTION CONCEPT
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This document discusses production economics and production functions. It defines a production function as relating the maximum output that can be produced from a given set of inputs. It then discusses the concepts of marginal product and average product in both numerical and graphical examples. It introduces the law of diminishing returns and three stages of production. Finally, it discusses long-run production functions and isoquants, and introduces the Cobb-Douglas production function.
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Costs functions
Okay, let's solve this step-by-step:
Given: TC = 4000 + 5Q + 10Q2
Quantity (Q) = 10 units
1) Total Fixed Cost (TFC) = 4000 (Given fixed cost)
2) Average Fixed Cost (AFC) = TFC/Q
= 4000/10 = 400
3) Total Variable Cost (TVC) = 5Q + 10Q2
= 5(10) + 10(10)2 = 50 + 1000 = 1050
4) Average Variable Cost (AVC) = TVC/Q
= 1050/10 = 105
5) Average Total Cost (ATC) = TC/Q
Production function ppt in economics
1. A production function shows the maximum output that can be produced from a given set of inputs over a period of time. It can be expressed as an equation, table, or graph.
2. The Cobb-Douglas production function is an important example that was formulated by Paul Douglas and Charles Cobb. It expresses output as a power function of labor and capital inputs.
3. The law of variable proportions states that as one variable input is increased, initially average and marginal products will increase until diminishing returns set in, after which average and marginal products will decrease.
Theory of production 2
The document discusses production theory, which forms the foundation of supply theory. It covers key concepts such as:
1) Short-run vs long-run production and the fixed and variable nature of inputs.
2) Production functions and the relationship between total, average, and marginal product.
3) The law of diminishing marginal returns and the three stages of production.
4) Isoquants, isocost lines, and how firms determine optimal input combinations to minimize costs.
Production Function
This document discusses production functions and their key concepts. It defines a production function as expressing the relationship between physical inputs and physical output of a firm for a given technology. It describes factors of production as land, labor, capital and entrepreneurship. It also discusses the difference between short-run and long-run production functions, fixed and variable factors, laws of variable proportions and returns to scale.
PRODUCTION& PRODUCTION FUNCTION
This document discusses production functions and the law of diminishing returns. It begins by defining production as the process of transforming resources into goods or services using inputs like land, labor, capital and entrepreneurship. It then discusses short-run and long-run production functions. The short-run production function treats one input like capital as fixed and analyzes how output changes with varying levels of the variable input, labor. It demonstrates diminishing marginal returns to labor through a hypothetical example. The long-run production function considers how output changes with two variable inputs, capital and labor, as demonstrated using the Cobb-Douglas production function.
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Production Cost – Concept of Cost, Classification of Short run cost – Long run cost,
Perfect Competition
Students should be able to:
Understand the assumptions of perfect competition and be able to explain the behaviour of firms in this market structure.
Understand the significance of firms as price-takers in perfectly competitive markets. An understanding of the meaning of shut-down point is required. The impact of entry into and exit from the industry should be considered.
Theory of cost final
The document discusses various cost concepts in economics including:
- Opportunity cost is the next best alternative use of a resource.
- Accounting costs include explicit payments, while economic costs also include implicit opportunity costs.
- Total, average, and marginal costs are defined for both the short-run and long-run. In the short-run some costs are fixed while in the long-run all costs are variable.
- Cost curves like AVC, ATC, and MC are U-shaped based on the law of diminishing returns in production. Minimum efficient scale is where long-run average costs are minimized.
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Costs functions
Okay, let's solve this step-by-step:
Given: TC = 4000 + 5Q + 10Q2
Quantity (Q) = 10 units
1) Total Fixed Cost (TFC) = 4000 (Given fixed cost)
2) Average Fixed Cost (AFC) = TFC/Q
= 4000/10 = 400
3) Total Variable Cost (TVC) = 5Q + 10Q2
= 5(10) + 10(10)2 = 50 + 1000 = 1050
4) Average Variable Cost (AVC) = TVC/Q
= 1050/10 = 105
5) Average Total Cost (ATC) = TC/Q
Production function ppt in economics
1. A production function shows the maximum output that can be produced from a given set of inputs over a period of time. It can be expressed as an equation, table, or graph.
2. The Cobb-Douglas production function is an important example that was formulated by Paul Douglas and Charles Cobb. It expresses output as a power function of labor and capital inputs.
3. The law of variable proportions states that as one variable input is increased, initially average and marginal products will increase until diminishing returns set in, after which average and marginal products will decrease.
Theory of production 2
The document discusses production theory, which forms the foundation of supply theory. It covers key concepts such as:
1) Short-run vs long-run production and the fixed and variable nature of inputs.
2) Production functions and the relationship between total, average, and marginal product.
3) The law of diminishing marginal returns and the three stages of production.
4) Isoquants, isocost lines, and how firms determine optimal input combinations to minimize costs.
Production Function
This document discusses production functions and their key concepts. It defines a production function as expressing the relationship between physical inputs and physical output of a firm for a given technology. It describes factors of production as land, labor, capital and entrepreneurship. It also discusses the difference between short-run and long-run production functions, fixed and variable factors, laws of variable proportions and returns to scale.
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This document discusses production functions and the law of diminishing returns. It begins by defining production as the process of transforming resources into goods or services using inputs like land, labor, capital and entrepreneurship. It then discusses short-run and long-run production functions. The short-run production function treats one input like capital as fixed and analyzes how output changes with varying levels of the variable input, labor. It demonstrates diminishing marginal returns to labor through a hypothetical example. The long-run production function considers how output changes with two variable inputs, capital and labor, as demonstrated using the Cobb-Douglas production function.
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Perfect Competition
Students should be able to:
Understand the assumptions of perfect competition and be able to explain the behaviour of firms in this market structure.
Understand the significance of firms as price-takers in perfectly competitive markets. An understanding of the meaning of shut-down point is required. The impact of entry into and exit from the industry should be considered.
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The document discusses various cost concepts in economics including:
- Opportunity cost is the next best alternative use of a resource.
- Accounting costs include explicit payments, while economic costs also include implicit opportunity costs.
- Total, average, and marginal costs are defined for both the short-run and long-run. In the short-run some costs are fixed while in the long-run all costs are variable.
- Cost curves like AVC, ATC, and MC are U-shaped based on the law of diminishing returns in production. Minimum efficient scale is where long-run average costs are minimized.
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Theory of Production
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Isoquants represent combinations of inputs that produce the same level of output. They have several key properties:
1. Isoquants slope downward, meaning more of one input requires less of the other to maintain output.
2. They are convex to the origin, due to decreasing marginal rates of technical substitution between inputs as one is increased relative to the other.
3. Isoquants never intersect, as that would represent one combination producing two output levels. Higher isoquants correspond to higher output levels.
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Here are the key points regarding Mallikarjuna's problem and suggestions to improve the functioning of the shop:
1. Mallikarjuna's problem fits the law of variable proportions. As he increases the number of assistants (variable input) from 0 to 3, total output/customers served initially increases at an increasing rate as one assistant can help multiple customers. However, beyond 3 assistants, adding more in the limited space leads to diminishing returns as customers get inconvenienced in the crowded shop.
2. Suggestions to improve:
- Increase shop floor area to accommodate more customers comfortably without overcrowding. This allows employing more assistants without diminishing returns.
- Add more billing counters to reduce
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2. It summarizes the law of variable proportions and returns to scale, and how they relate to costs via concepts like economies and diseconomies of scale.
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The document discusses isoquant curves and isocost curves.
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2. An isocost curve connects all combinations of two inputs that can be purchased with a given budget or expenditure level, based on the prices of the inputs.
3. Firms use isoquant and isocost curves to determine the most cost-effective combination of inputs to achieve a given output level.
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law of variable proportions
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Demand refers to the desire, ability, and willingness of consumers to purchase a product at a given price. The demand schedule lists the quantity demanded at all possible prices, while the demand curve graphically depicts the relationship between price and quantity demanded according to the law of demand - which states that as price increases, demand decreases and vice versa. Changes in demand factors such as income, tastes, prices of substitutes or complements can cause the demand curve to shift left or right.
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Isoquants represent combinations of inputs that produce the same level of output. They have several key properties:
1. Isoquants slope downward, meaning more of one input requires less of the other to maintain output.
2. They are convex to the origin, due to decreasing marginal rates of technical substitution between inputs as one is increased relative to the other.
3. Isoquants never intersect, as that would represent one combination producing two output levels. Higher isoquants correspond to higher output levels.
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Here are the key points regarding Mallikarjuna's problem and suggestions to improve the functioning of the shop:
1. Mallikarjuna's problem fits the law of variable proportions. As he increases the number of assistants (variable input) from 0 to 3, total output/customers served initially increases at an increasing rate as one assistant can help multiple customers. However, beyond 3 assistants, adding more in the limited space leads to diminishing returns as customers get inconvenienced in the crowded shop.
2. Suggestions to improve:
- Increase shop floor area to accommodate more customers comfortably without overcrowding. This allows employing more assistants without diminishing returns.
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This document discusses theories of production and cost concepts. It defines production as the conversion of raw materials into goods and services to satisfy consumer demand. It identifies the four factors of production as land, labor, capital, and entrepreneurship. It then explains various cost concepts like fixed, variable, total, average, and marginal costs. Finally, it describes break-even analysis, including how to calculate the break-even point using graphs and equations. It shows the break-even point as the level of output where total revenue and total costs are equal.
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The document discusses theories of production, including:
1. It defines production function and outlines concepts like inputs, outputs, fixed vs variable inputs, and short vs long run.
2. It summarizes the law of variable proportions and returns to scale, and how they relate to costs via concepts like economies and diseconomies of scale.
3. It provides an overview of oligopoly market structure and models for price and output determination under conditions like collusion, price leadership, and kinked demand curves.
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This document defines and explains the characteristics of a perfect competition market. Key points include:
- A perfect competition market is one where many small producers sell identical products, meaning buyers have many alternatives and no single seller can influence the market price.
- Main features include homogeneous products, many buyers and sellers, perfect information and mobility of factors of production. Agricultural markets are often used as examples.
- In the short run, firms aim to maximize profits by producing where marginal revenue equals marginal cost. In the long run, firms will exit if earning losses or normal profits and entry will occur if profits are above normal.
- The market equilibrium price is determined by the intersection of total industry demand and supply. Individual
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This document discusses production functions and key concepts related to production including total product, average product, and marginal product. It defines production as the process of transforming inputs into outputs. The production function shows the relationship between physical inputs and physical output. It defines total product, average product, and marginal product. Total product is the total output from a given amount of an input. Average product is total output per unit of input. Marginal product is the change in total output from an additional unit of input. The document presents examples showing how total product, average product, and marginal product change as the amount of an input (labor) is increased.
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This document discusses key concepts related to production analysis including:
1. It defines production as the process of transforming inputs into outputs and describes a production function as the relationship between inputs and outputs.
2. It outlines short run, long run, and very long run periods and explains factors of production, total product, average product, and marginal product.
3. It describes the three stages of production - increasing, constant, and diminishing returns - and the law of diminishing marginal returns as it relates to a variable input factor.
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This document discusses concepts related to price elasticity of demand and supply. It defines price elasticity of demand as the percentage change in quantity demanded divided by the percentage change in price. It categorizes elasticity as elastic (above 1), unit elastic (equal to 1), or inelastic (below 1). Price elasticity determines how total revenue is affected by a price change. The document also discusses determinants of elasticity, income elasticity of demand, and cross-price elasticity.
Isoquants
The document discusses isoquant curves and isocost curves.
1. An isoquant curve shows all the combinations of two inputs that can produce the same level of output. It assumes inputs are substitutable to some degree in production.
2. An isocost curve connects all combinations of two inputs that can be purchased with a given budget or expenditure level, based on the prices of the inputs.
3. Firms use isoquant and isocost curves to determine the most cost-effective combination of inputs to achieve a given output level.
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This document discusses production functions and returns to scale. It defines production functions and different types including short run and long run production functions. It then explains key features like substitutability, complementarity and specificity of factors. Next it covers returns to scale, defining it as the change in output when all inputs change proportionately. It details increasing, constant and decreasing returns to scale, providing examples. Causes of each type of return are also outlined.
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The document discusses the production possibility frontier (PPF), which shows the maximum output combinations of two goods an economy can produce with full employment of resources. It explains key concepts like opportunity cost, diminishing returns, and shifts in the PPF due to changes in resources or technology. Causes of outward shifts include higher productivity and new resources, while inward shifts may occur after natural disasters, conflict, or recession that reduce resources and investment.
law of variable proportions
The Law of Variable Proportions states that as the quantity of one variable input is increased while holding other inputs fixed, total product will initially rise at an increasing rate, then at a decreasing rate, and eventually at a negative rate. It operates in the short-run when some factors can vary and others are fixed. The law is demonstrated through a schedule that shows as labor is incrementally increased from 1 to 6 units, total product first increases, then increases at a lower rate, and eventually decreases, moving from phases of increasing, diminishing, and negative returns.
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Demand refers to the desire, ability, and willingness of consumers to purchase a product at a given price. The demand schedule lists the quantity demanded at all possible prices, while the demand curve graphically depicts the relationship between price and quantity demanded according to the law of demand - which states that as price increases, demand decreases and vice versa. Changes in demand factors such as income, tastes, prices of substitutes or complements can cause the demand curve to shift left or right.
Diminishing law return
Diminishing marginal returns refers to how the marginal production of a factor of production starts to progressively decrease as the factor is increased, in contrast to the increase that would otherwise be normally expected. As additional units of a variable input like labor are added to a fixed input like factory size, each additional unit yields smaller increases in output and reduces worker productivity. Producing each additional unit of output also costs increasingly more. This concept is also known as the law of diminishing marginal returns or the law of increasing relative cost.
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The document discusses the law of diminishing marginal utility. It explains that as consumption of a good increases incrementally, the additional utility from each further unit decreases. It provides an example of a thirsty man drinking glasses of water to illustrate how marginal utility declines with successive units. A table shows total utility increasing but marginal utility decreasing as consumption rises from the first to sixth glass of water. The law assumes rational consumption aims to maximize utility subject to income constraints.
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This document discusses production analysis and the theory of production costs from the perspective of a firm. It covers key concepts such as:
- The three stages of production as defined by total, average, and marginal product curves. In stage one, average product is increasing. In stage two, average product is decreasing while marginal product turns negative in stage three.
- Laws of variable proportions which state that as a variable input increases, total product initially increases at an increasing rate, then at a decreasing rate, due to diminishing marginal returns.
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u can mail me ur views on rajeshkr.1128@gmail.com
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- A monopoly maximizes profits by producing where marginal revenue equals marginal cost and charging a price above marginal cost.
- This results in a lower quantity and higher price than would be socially optimal, causing deadweight loss.
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This document discusses production functions and their types. It defines a production function as an equation, table, or graph that shows the maximum output a firm can produce from given inputs over a period of time. It identifies the key inputs as labor, capital, land, raw materials, and power. Fixed and variable inputs are explained, with fixed inputs remaining constant and variable inputs changing with output levels. The concepts of total, average, and marginal product are introduced. Different types of production functions are outlined, including fixed and variable proportion functions. The document also discusses production in the short run and long run. Isoquants and marginal rate of technical substitution are briefly explained.
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- Average and marginal cost curves which are U-shaped in the short-run as output increases. Minimum efficient scale
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This document discusses production economics concepts including short-run and long-run production functions, marginal product, average product, returns to scale, and cost minimization. It provides examples of production functions, calculates elasticities of output, and discusses estimating production functions from data. Managers must choose production methods to minimize costs while economists use tools like production functions to evaluate efficiency.
Class prodctn i retail
The document discusses production functions and the relationship between inputs and outputs in production. It defines key terms like production function, total productivity, marginal productivity, and average productivity. It explains the differences between short run and long run production and the concept of returns to scale. It also discusses the law of diminishing returns and how marginal productivity changes as inputs are varied. Isoquants, or curves showing equal levels of output from different input combinations, are introduced as a way to analyze productivity.
Production Slides (F).ppt
This document provides an overview of production theory, including:
1. It defines production as the transformation of inputs (capital, labor, etc.) into outputs (goods and services) and discusses technical vs. economic efficiency.
2. It introduces the concepts of economic efficiency (lowest cost to produce output) and technological efficiency (cannot increase output without increasing inputs).
3. It explains that production theory applies the principles of constrained optimization, where firms aim to minimize costs or maximize output given constraints. This leads to the same rule for allocating inputs and technology choice.
4. It provides examples and explanations of key production concepts like production functions, production tables, short-run vs. long-run production,
Production Slides (F).ppt
This document provides an overview of production theory, including:
1. It defines production as the transformation of inputs (capital, labor, etc.) into outputs (goods and services) and discusses technical vs. economic efficiency.
2. It introduces the concepts of economic efficiency (lowest cost to produce output) and technological efficiency (cannot increase output without increasing inputs).
3. It explains that production theory applies the principles of constrained optimization, where firms aim to minimize costs or maximize output given constraints. This leads to the same rule for allocating inputs and technology choice.
4. It provides examples and explanations of key production concepts like production functions, production tables, short-run vs. long-run production,
III. work studyprinciples of Ergonomics,
This document provides an overview of production theory, including:
1. It defines production as the transformation of inputs (capital, labor, etc.) into outputs (goods and services). Managers aim for both technical and economic efficiency in production.
2. It introduces the concepts of economic efficiency (lowest cost of production) and technological efficiency (cannot increase output without more inputs). Production theory applies constrained optimization to minimize costs or maximize output.
3. It discusses production functions, production tables, short-run vs long-run production, returns to scale, total, average and marginal product, and the law of diminishing returns in the short-run. Isoquants and marginal rate of technical substitution are introduced
Production Slides (F).ppt
1. The document discusses production theory and the concepts of efficiency, production functions, and returns to scale. It provides definitions and examples.
2. Key aspects covered include the difference between technical and economic efficiency, definitions of production functions and how they relate inputs to outputs, concepts of short-run and long-run production, and how returns to scale are classified.
3. Production theory models are presented including isoquants, production tables, and different types of production functions like Cobb-Douglas and CES. Properties like elasticity of substitution and factor intensities are defined.
Production Function,Cost Concepts & Cost-Output analysis
Production Function, Cobb-Douglas Production function, Iso-quants and Iso-costs, MRTS, Least Cost Combination of Inputs, Laws of Returns, Internal and External Economies of Scale
Cost concepts, Determinants of cost
cost-output relationship in short run and Long run, Objectives, Assumptions of BEA
Graphical representation, Importance, Limitations of BEA
Production Function.ppt
Unit - IV discusses production functions and the laws of production. It explains that a production function shows the relationship between inputs like labor, capital, land and the output produced. The laws of variable proportions and returns to scale are then covered. The law of variable proportions explains how output changes when one input is varied while others stay fixed. Returns to scale looks at what happens to output when all inputs change proportionately. Economies and diseconomies of scale are also discussed.
Presentation on law of variable proportion
This document summarizes the law of variable proportions from a production economics perspective. It discusses key concepts like production functions, total product, average product, and marginal product. The law states that there are three stages of production: 1) increasing returns as marginal product initially rises with each addition of a variable input, 2) diminishing returns as marginal product starts declining, and 3) negative returns when marginal product becomes negative. The law assumes one variable input is changed while all others stay fixed, and helps explain the relationship between inputs and outputs in physical production terms.
22424roduction Slides 33623-1.ppt
1. The document outlines concepts related to production including production functions, efficiency, law of diminishing returns, short-run and long-run production, isoquants, and returns to scale. It provides examples and cases to illustrate these concepts.
2. Key concepts discussed include the production function relating inputs like capital, labor, and land to output. The law of diminishing returns states that adding more of a variable input while holding others fixed initially increases output at a decreasing rate.
3. Isoquants illustrate combinations of inputs that produce the same output level, and the marginal rate of technical substitution measures how inputs can be substituted in production. The document also discusses short-run and long-run analysis and
Econ 281 Chapter06.ppt
The document discusses key concepts from microeconomics relating to the theory of the firm, including:
1) It introduces the concept of a firm as an economic agent that uses inputs like labor and capital to produce outputs, and aims to minimize costs and maximize profits.
2) It covers production functions and the relationship between inputs and outputs, explaining concepts like marginal product, average product, and the law of diminishing returns.
3) It discusses isoquants as curves showing combinations of inputs that produce the same output level, and the marginal rate of technical substitution.
4) It examines returns to scale and how output changes as multiple inputs change together, as well as special production functions and technological progress.
Production analysis (2)
The document discusses key concepts related to production functions:
1. A production function specifies the optimal input combinations needed to produce a given output level, and depends on industry and technology.
2. Producers must determine production levels, capacity, input combinations, and prices to maximize profits and minimize costs.
3. Isoquants illustrate the different combinations of inputs that produce the same output amount, and become curved as substitutability decreases.
4. Marginal product and returns to scale analysis helps producers optimize input use in the stages of increasing, constant, and diminishing returns.
Microeconomics: Production Theory
Production Theory
The Production Function
Total, Average, and Marginal Products
The Production Function in the Long Run
Production function
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We’ve both experienced different variations of shyness, and through practice and increased awareness we have both overcome this. The following are tips that have helped us overcome this uncomfortable feeling.
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PRODUCTION CONCEPT
- 2. ©2005 South-Western Publishing Production Economics Managers must decide not only what to produce for the market, but also how to produce it in the most efficient or least cost manner. Economics offers widely accepted tools for judging whether the production choices are least cost. A production function relates the most that can be produced from a given set of inputs.
- 3. The Production Function A Production Function is the maximum quantity from any amounts of inputs If L is labor and K is capital, one popular functional form is known as the Cobb- Douglas Production Function. The number of inputs is often large. But economists simplify by suggesting some, like materials or labor, is variable, whereas plant and equipment is fairly fixed in the short run.
- 4. Average Product output per labor Marginal Product output attributable to last unit of labor applied. Similar to profit functions, the Peak of MP occurs before the Peak of average product.
- 5. Short Run Production Function Numerical Example L Q MP AP 0 0 --- --- 1 20 20 20 2 46 26 23 3 4 5 70 92 110 24 22 18 23.33 23 22 Marginal Product L 1 2 3 4 5 Average Product Labor Elasticity is greater then one, for labor use up through L = 3 units
- 6. When MP > AP, then AP is RISING IF YOUR MARGINAL GRADE IN THIS CLASS IS HIGHER THAN YOUR GRADE POINT AVERAGE, THEN YOUR G.P.A. IS RISING When MP < AP, then AP is FALLING IF YOUR MARGINAL BATTING AVERAGE IS LESS THAN THAT OF THE NEW YORK YANKEES, YOUR ADDITION TO THE TEAM WOULD LOWER THE YANKEE’S TEAM BATTING AVERAGE When MP = AP, then AP is at its MAX IF THE NEW HIRE IS JUST AS EFFICIENT AS THE AVERAGE EMPLOYEE, THEN AVERAGE PRODUCTIVITY DOESN’T CHANGE
- 7. Law of Diminishing Returns INCREASES IN ONE FACTOR OF PRODUCTION, HOLDING ONE OR OTHER FACTORS FIXED, AFTER SOME POINT, MARGINAL PRODUCT DIMINISHES. A SHORT RUN LAW point of diminishing returns Variable input MP
- 8. Figure 7.4 on Page 306 Three stages of production Stage 1: average product rising. Stage 2: average product declining (but marginal product positive). Stage 3: marginal product is negative, or total product is declining. L Total Output Stage 1 Stage 2 Stage 3
- 9. Isoquants & LR Production Functions In the LONG RUN, ALL factors are variable Q = f ( K, L ) ISOQUANTS -- locus of input combinations which produces the same output (A & B or on the same isoquant) SLOPE of ISOQUANT is ratio of Marginal Products, called the MRTS, the marginal rate of technical substitution ISOQUANT MAP B A C Q1 Q2 Q3 K L
- 10. Cobb-Douglas Production Functions Q = A • Kα • Lβ is a Cobb-Douglas Production Function IMPLIES: Can be CRS, DRS, or IRS if α + β = 1, then constant returns to scale if α + β < 1, then decreasing returns to scale if α + β > 1, then increasing returns to scale Coefficients are elasticities α is the capital elasticity of output, often about .67 β is the labor elasticity of output, often about .33 which are EK and EL Most firms have some slight increasing returns to scale