管理者经济学5视角独特,专门为管理者而写的经济学).pptVIP

Chapter 5: Production and Cost Analysis in the Short Run Defining the Production Function Fixed Inputs VersusVariable Inputs Fixed input: quantity a manager cannot change during a given time Variable input: quantity a manager can change during a given time Amount of output would vary as managers made decisions regarding amounts of input Short-run Versus Long-run Production Not expressed in terms of calendar time, but in terms of fixed and variable inputs Short-run production function: involves at least one fixed input Long-run production function: production process in which all inputs are variable Managers operate in the short run, but must have long-run vision They need to be aware that the current amount of fixed inputs may not be appropriate as market conditions change Managers make more long run economic decisions Model of the Short-run Production Function Average Product Marginal Product Total, Average, and Marginal Product Holds true if the level of technology is kept constant The marginal product or additional output produced is increased over the range of production Average product of labor also increases in value as more units of labor are employed Thus, marginal product becomes less than the average product Total Product: Short-run Production Function TP: Short-run Production Function TP increases rapidly up to level of labor input L1 then increases at a slower rate as labor input increases TP curve becomes flatter and flatter until it reaches maximum output level at L3 Curve implies that marginal product of labor first increases rapidly then decreases, eventually becoming zero or less AP and MP: Short-run Production Function AP and MP: Short-run Production Function Between zero and L2, MP curve lies above AP curve, causing AP curve to increase Below L2, MP curve is below AP curve, causing AP curve to decrease Therefore, MP curve must intersect AP curve at maximum point of AP curve Economic Explanation Increasing marginal returns: region where MP c