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【正文】 AP is increasing When MP AP, AP is decreasing When MP = AP, AP is at its maximum,Production with One Variable Input (Labor),21,Chapter 1,Production with One Variable Input (Labor),Labor per Month,Output per Month,60,112,0,2,3,4,5,6,7,8,9,10,1,A,B,C,D,8,10,20,E,0,2,3,4,5,6,7,9,10,1,30,Output per Month,Labor per Month,AP = slope of line from origin to a point on TP, lines b, amp。 L and output,41,Chapter 1,The Shape of Isoquants,Labor per year,1,2,3,4,1,2,3,4,5,5,In the long run both labor and capital are variable and both experience diminishing returns.,Capital per year,42,Chapter 1,Reading the Isoquant Model 1) Assume capital is 3 and labor increases from 0 to 1 to 2 to 3. Notice output increases at a decreasing rate (55, 20, 15) illustrating diminishing returns from labor in the shortrun and longrun.,Production with Two Variable Inputs,Diminishing Marginal Rate of Substitution,43,Chapter 1,Reading the Isoquant Model 2) Assume labor is 3 and capital increases from 0 to 1 to 2 to 3. Output also increases at a decreasing rate (55, 20, 15) due to diminishing returns from capital.,Diminishing Marginal Rate of Substitution,Production with Two Variable Inputs,44,Chapter 1,Substituting Among Inputs Managers want to determine what combination if inputs to use. They must deal with the tradeoff between inputs.,Production with Two Variable Inputs,45,Chapter 1,Substituting Among Inputs The slope of each isoquant gives the tradeoff between two inputs while keeping output constant.,Production with Two Variable Inputs,46,Chapter 1,Substituting Among Inputs The marginal rate of technical substitution equals:,Production with Two Variable Inputs,47,Chapter 1,Marginal Rate of Technical Substitution,Labor per month,1,2,3,4,1,2,3,4,5,5,Capital per year,Isoquants are downward sloping and convex like indifference curves.,48,Chapter 1,Observations: 1) Increasing labor in one unit increments from 1 to 5 results in a decreasing MRTS from 1 to 1/2. 2) Diminishing MRTS occurs because of diminishing returns and implies isoquants are convex.,Production with Two Variable Inputs,49,Chapter 1,Observations: 3) MRTS and Marginal Productivity The change in output from a change in labor equals:,Production with Two Variable Inputs,50,Chapter 1,Observations: 3) MRTS and Marginal Productivity The change in output from a change in capital equals:,Production with Two Variable Inputs,51,Chapter 1,Observations: 3) MRTS and Marginal Productivity If output is constant and labor is increased, then:,Production with Two Variable Inputs,52,Chapter 1,Isoquants When Inputs are Perfectly Substitutable,Labor per month,Capital per month,53,Chapter 1,Observations when inputs are perfectly substitutable: 1) The MRTS is constant at all points on the isoquant.,Production with Two Variable Inputs,Perfect Substitutes,54,Chapter 1,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 amp。24.10.2324.10.23Wednesday, October 23, 2024 人生得意須盡歡，莫使金樽空對(duì)月。24.10.2324.10.2302:49:3402:49:34October 23, 2024 加強(qiáng)自身建設(shè)，增強(qiáng)個(gè)人的休養(yǎng)。2024年10月23日星期三2時(shí)49分34秒02:49:3423 October 2024 科學(xué)，你是國(guó)力的靈魂；同時(shí)又是社會(huì)發(fā)展的標(biāo)志。24.10.232024年10月23日星期三2時(shí)49分34秒24.10.23,謝謝大家
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