高级微观经济学 Part 1_Production Theory I.pptVIP

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高级微观经济学 Part 1_Production Theory I.ppt

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高级微观经济学 Part 1_Production Theory I

lecture 1 for Chu Kechen Honors College ch.1 Advanced Microeconomics(Production Theory I) Summary Textbook: Varian, Hal R., 1992, Microeconomics Analysis, 3rd ed. Mas-Colell, A., M. Whinston, and J. Green, 1995, Microeconomics Theory. Examinations: Mid-term: by the assignments; Final-term: 80% of the questions coming from the assignments. The Basic Framework of Microeconomics Technology Content: “production (possibilities) set” (PS) and “production function”; Properties of the “PS”; Technical rate of substitution; Returns to scale. 1. Production set Production plan (production vector, or input-output vector): Production set Y: all technological feasible y. Restricted production set Y (z): Some of yi in y are restricted on z . Short-run production set. Input requirement set: All yi in y are negative, let them be –x (then x is positive), and the rest yj to be q . So, The input requirement set is : Transformation function: and satisfied If and only if y is technologically efficient, then Production function: If O = 1,and I = n - 1, then: means: Isoquant: Question1: calculate the PS, RS, TF, PF, Isoquant of Cobb-Douglas technology and Leontief technology. 2.Properties of PS. Y is nonempty: we have something to do. Y is close: Y contain it’s boundary, No free lunch: See the fig. Free disposal: See the fig. Additive (free entrance) : Convexity: See the fig. Proposition1: if Y is convex, so is V(q). Proposition2: if V(q) is convex, f(x) is quasi-concave. 3.Technical rate of substitution Marginal rate of transformation (MRT) of good j for good i at y and T(y)=0. T(y)=0, we got: See the fig. One production: the marginal rate technical of substitution at x* . As x changes , we got technical rate of substitution The elasticity of substitution: the curvature of the isoquant. Question2: calculate the “TRS” and the “elasticity of substitution” of Cobb-Douglas technology and CES technology. 4.Returns to scale Non