(尤其是不得做商业用途也不得作为教学课件使用对他人.pptVIP

郑重声明 此课件只能用于同学自己学习参考，未经书面授权不得做其他用途，尤其是不得做商业用途，也不得作为教学课件使用（对他人授课）。 课件作者 Chapter 6 Production Chapter 7 Cost Technological relationship on supply side of market Inputs ------Outputs Outputs varies with inputs----production theory (chapter 6) Inputs and relevant costs varies with outputs----cost theory (chapter 7) Chapter 6 Production (and Business Organization) 1. Production Function and Basic Concepts 1.1 The Function Used to describe relationship between inputs and outputs Q = f ( X1, X2, X3, X4, ... ) Maximum output, from any set of inputs Short run and long run Q=f( X1, X2, X3, X4, ... ) , ALL factors variable Q = f ( X1, X2, X3, X4, ... ) FIXED IN SR VARIABLE IN SR 1.2 Some Particular Production Functions A function is homogeneous of degree-n, if multiplying all inputs by ?, increases the dependent variable by???n Q = f ( K, L) So, f(???K, ? L) = ??n ? Q A Useful Specific function: Cobb-Douglas Production Q = A ? K ? ? L ? Cobb-Douglas Production Functions are homogeneous of degree ? + ? Q = f ( K, L) for two input case 1.3 Basic Product Concepts Average Product = Q / L output per labor, which is variable Marginal Product =?△ Q/ △ L = dQ/dL output attributable to last unit of labor applied Total Product 1.4 Time Horizon in Production Short run----a period that at least one input can change while at least another input do not have enough time to change. Long run----a period long enough for all inputs to change as producers please. The very long run----In addition to inputs, technology changes 2. Short-Run Production: Law of Diminishing Return Think about average grade of whole the class and grade of new entrants. Alpha Beta Gama Delta Epsilon Grade 90 80 70 80 100 Average 90 85 80 80 84 How outputs changes with changes in one input? When MP AP, then AP is RISING If your marginal grade in this class is higher