Production cost ppt@ becdoms
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The document discusses several key concepts in production including: 1) The factors of production are labor, capital, and land which can be either fixed or variable depending on the short or long run. 2) Production functions show the relationship between inputs like labor and output. Marginal product, average product, and elasticity of production are discussed. 3) Firms aim to equate marginal revenue product and marginal resource cost to optimize variable input use. 4) Isoquants and isocost lines are used to determine the optimal combination of two variable inputs. 5) Returns to scale refers to how output changes with proportional changes in all inputs.
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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
Intermediate Microeconomic Theory Cheat Sheet 3
1. Production fundamentals include cost minimizing input blends and production functions that specify the maximum output possible from given inputs.
2. Firms produce at the efficient level that maximizes output from inputs while minimizing costs. There are possibilities for increasing, decreasing, and constant returns to scale.
3. Cost and profit maximization problems can be modeled using cost functions, production functions, and marginal analysis to determine optimal input levels and output quantities.
CHAPTER 4.pptx
This document defines production and costs, and discusses the theory of production and cost. It covers:
1) Definitions of production, inputs, production functions, and the relationship between inputs and output.
2) The characteristics of short-run and long-run production periods and production functions.
3) The measurement of total product, average product, and marginal product and how they relate at different stages of production.
4) Cost concepts including total, fixed, variable, marginal, average, and their relationships as depicted through cost curves.
Production theory
This document provides an overview of production theory concepts. It begins by outlining the chapter objectives, which are to examine a firm's technology, inputs, production process, short and long run production functions, and concepts like isoquants, isocost lines, and technical progress. It then defines production, inputs, and factors of production. Key concepts discussed include production functions, the law of variable proportions, production with one and two variable inputs, isoquants, marginal rate of technical substitution, isocost lines, and producer equilibrium.
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
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.
Units 2&3 prod. & cost functions
The document discusses various factors of production including land, labor, capital and entrepreneurship. It then defines different types of costs businesses face such as explicit costs, implicit costs, fixed costs, variable costs, total costs, average costs, marginal costs, accounting profit and economic profit. It provides examples to illustrate the differences between these concepts.
Production ch ppt
The document summarizes key concepts relating to producer behavior and production decisions for firms. It discusses production technology, inputs like labor, capital and materials, and how firms combine these inputs using a production function to convert them into outputs. It describes short run versus long run production and fixed versus variable inputs. It also covers concepts like average and marginal products, the law of diminishing marginal returns, and how technological improvements can increase labor productivity over time even as individual production processes exhibit diminishing returns. Production possibilities are illustrated using isoquants and isoquant maps.
Production Analysis- MEFA.pptx
This a informative PPT on the topic Production Analysis on Mangerial Economics and Financial Analysis
Theory of Production
Theory of production describes the relationship between inputs and outputs in the production process. A production function defines this relationship mathematically. In the short run, some inputs are fixed while others are variable. As the variable input increases, total output initially increases at an increasing rate (stage 1), then at a decreasing rate (stage 2), and eventually decreases (stage 3), following the law of variable proportions. In the long run, all inputs are variable. If all inputs increase proportionately, we can see increasing, constant, or decreasing returns to scale. Isoquants show the combinations of inputs that produce the same output level.
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- 5. Production Function with One Variable Input Total Product Marginal Product Average Product Production or Output Elasticity TP = Q = f(L) MP L = TP L AP L = TP L E L = MP L AP L
- 9. Optimal Use of the Variable Input Marginal Revenue Product of Labor MRP L = (MP L )(MR) Marginal Resource Cost of Labor MRC L = Optimal Use of Labor MRP L = MRC L TC L
- 12. Production with Two Variable Inputs Isoquants show combinations of two inputs that can produce the same level of output. Firms will only use combinations of two inputs that are in the economic region of production , which is defined by the portion of each isoquant that is negatively sloped.
- 16. Production with Two Variable Inputs Marginal Rate of Technical Substitution MRTS = - K/ L = MP L /MP K
- 20. Optimal Combination of Inputs Isocost lines represent all combinations of two inputs that a firm can purchase with the same total cost.
- 24. Returns to Scale Production Function Q = f(L, K) Q = f(hL, hK) If = h, then f has constant returns to scale. If > h, then f has increasing returns to scale. If < h, then f has decreasing returns to scale.
- 27. Empirical Production Functions Cobb-Douglas Production Function Q = AK a L b Estimated Using Natural Logarithms ln Q = ln A + a ln K + b ln L