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Chapter 1 18 19 20 23 27 28 23 31 32 33 33 75 76 77 77 77 79 80 80 81 82 82 82 114 115 116 117 1 1 2 3 4 5 6 7 7 8 9 14 15 16 16 17 38 39 40 40 40 43 44 46 47 49 50 52 53 54 54 57 58 58 59 59 60 60 61 67 68 69 70 71 72 72 73 73 10 11 11 12 12 13 14 15 16 17 19 20 21 22 23 24 24 27 28 33 29 30 63 64 65 66 66 34 35 35 36 37 Isoquants When Inputs are Perfectly Substitutable Labor per month Capital per month Q1 Q2 Q3 A B C Observations when inputs are perfectly substitutable: 1) The MRTS is constant at all points on the isoquant. Production with Two Variable Inputs Perfect Substitutes Observations when inputs are perfectly substitutable: 2) For a given output, any combination of inputs can be chosen (A, B, or C) to generate the same level of output (e.g. toll booths musical instruments) Production with Two Variable Inputs Perfect Substitutes Fixed-Proportions Production Function Labor per month Capital per month L1 K1 Q1 Q2 Q3 A B C Observations when inputs must be in a fixed-proportion: 1) No substitution is possible.Each output requires a specific amount of each input (e.g. labor and jackhammers). Fixed-Proportions Production Function Production with Two Variable Inputs Observations when inputs must be in a fixed-proportion: 2) To increase output requires more labor and capital (i.e. moving from A to B to C which is technically efficient). Fixed-Proportions Production Function Production with Two Variable Inputs A Production Function for Wheat Farmers must choose between a capital intensive or labor intensive technique of production. Isoquant Describing the Production of Wheat Labor (hours per year) Capital (machine hour per year) 250 500 760 1000 40 80 120 100 90 Output = 13,800 bushels per year A B Point A is more capital-intensive, and B is more labor-intensive. Observations: 1) Operating at A: L = 500 hours and K = 100 machine hours. Isoquant Describing the Production of Wheat Observations: 2) Operating at B Increase L to 760
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