微觀經(jīng)濟(jì)學(xué)及財務(wù)知識分析規(guī)范(已修改)
2024-10-28 05:05 本頁面
【正文】 ,Chapter 6,Production,1,Chapter 1,Topics to be Discussed,The Technology of Production Isoquants Production with One Variable Input (Labor) Production with Two Variable Inputs Returns to Scale,2,Chapter 1,Introduction,Our focus is the supply side. The theory of the firm will address: How a firm makes costminimizing production decisions How cost varies with output Characteristics of market supply Issues of business regulation,3,Chapter 1,The Technology of Production,The Production Process Combining inputs or factors of production to achieve an output Categories of Inputs (factors of production) Labor Materials Capital,4,Chapter 1,The Technology of Production,Production Function: Indicates the highest output that a firm can produce for every specified combination of inputs given the state of technology. Shows what is technically feasible when the firm operates efficiently.,5,Chapter 1,The Technology of Production,The production function for two inputs: Q = F(K,L) Q = Output, K = Capital, L = Labor For a given technology,6,Chapter 1,Isoquants,Assumptions Food producer has two inputs Labor (L) amp。 Capital (K),7,Chapter 1,Isoquants,Observations: 1) For any level of K, output increases with more L. 2) For any level of L, output increases with more K. 3) Various combinations of inputs produce the same output.,8,Chapter 1,Isoquants,Isoquants Curves showing all possible combinations of inputs that yield the same output,9,Chapter 1,Production Function for Food,1 20 40 55 65 75 2 40 60 75 85 90 3 55 75 90 100 105 4 65 85 100 110 115 5 75 90 105 115 120,Capital Input 1 2 3 4 5,Labor Input,10,Chapter 1,,Production with Two Variable Inputs (L,K),Labor per year,1,2,3,4,1,2,3,4,5,5,Q1 = 55,The isoquants are derived from the production function for output of of 55, 75, and 90.,A,D,B,Q2 = 75,Q3 = 90,C,E,Capital per year,The Isoquant Map,11,Chapter 1,Isoquants,The isoquants emphasize how different input combinations can be used to produce the same output. This information allows the producer to respond efficiently to changes in the markets for inputs.,Input Flexibility,12,Chapter 1,Isoquants,Shortrun: Period of time in which quantities of one or more production factors cannot be changed. These inputs are called fixed inputs.,The Short Run versus the Long Run,13,Chapter 1,Isoquants,Longrun Amount of time needed to make all production inputs variable.,The Short Run versus the Long Run,14,Chapter 1,Amount Amount Total Average Marginal of Labor (L) of Capital (K) Output (Q) Product Product,Production with One Variable Input (Labor),0 10 0 1 10 10 10 10 2 10 30 15 20 3 10 60 20 30 4 10 80 20 20 5 10 95 19 15 6 10 108 18 13 7 10 112 16 4 8 10 112 14 0 9 10 108 12 4 10 10 100 10 8,15,Chapter 1,Observations: 1) With additional workers, output (Q) increases, reaches a maximum, and then decreases.,Production with One Variable Input (Labor),16,Chapter 1,Observations: 2) The average product of labor (AP), or output per worker, increases and then decreases.,Production with One Variable Input (Labor),17,Chapter 1,Observations: 3) The marginal product of labor (MP), or output of the additional worker, increases rapidly initially and then decreases and becomes negative,Production with One Variable Input (Labor)
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