生產(chǎn)函數(shù)決定成本函數(shù)(ppt 37)英文版-全文預(yù)覽
【正文】 ong run (LR), firm can adjust employment of capital and labor ? Attempts to achieve the least cost method of producing a given quantity of output 24 Landsburg, Price Theory and Application, 6th edition Isoquants ? Geometry of LR production – Label vertical axis with K, stands for capital – Label horizontal axis with L, which stands for labor – Fixed period of time ? Want to use least costly method – Avoid technologically inefficient points which are outside the boundary ? General observations – Slope downward – Fill the plane – Never cross – Convex 25 Landsburg, Price Theory and Application, 6th edition Marginal Rate of Technical Substitution ? Absolute value of slope of isoquant – MPL divided by MPK ? Amount of capital necessary to replace one unit of labor while maintaining a constant level of output ? If much labor and little capital employed to produce a unit of output, MRTSLK is small ? Geometrically isoquant is convex 26 Landsburg, Price Theory and Application, 6th edition EXHIBIT The Production Function 27 Landsburg, Price Theory and Application, 6th edition Choosing a Production Process ? Minimizing cost important part of maximizing profit ? Isocost allow to keep track of costs – Set of all baskets of inputs that can be employed at a given cost – Slope: PL/PK ? Minimizing cost and maximizing output requires firm choose tangency point between an isocost and an isoquant – Means that MRTS = PL/PK – Tangencies lie along curve called the firm’s expansion path 28 Landsburg, Price Theory and Application, 6th edition EXHIBIT Cost Minimization 29 Landsburg, Price Theory and Application, 6th edition LongRun Cost Curves ? Information needed – Production function or isoquants – Input prices ? Firm’s longrun total cost – Cost of producing a given amount of ou
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