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 ;L;How outputs changes with changes in one input? When MP AP, then AP is RISING If your marginal grade in this class is high