國外廠商理論講稿(1)-wenkub.com
2025-02-10 00:40 本頁面
【正文】 The Theory of the Firm The Theory of the Firm Production Function Production Function ? States the relationship between inputs and outputs. ? Inputs – the factors of production classified as: – Land – all natural resources of the earth – not just ‘terra firma’! ? Price paid to acquire land = Rent – Labour – all physical and mental human effort involved in production. ? Price paid to labour = Wages – Capital – buildings, machinery and equipment not used for its own sake but for the contribution it makes to production. ? Price paid for capital = Interest Production Function Inputs Process Output Land Labour Capital Product or service generated – value added Analysis of Production Function: Short Run ? In the short run at least one factor fixed in supply but all other factors capable of being changed. ? Reflects ways in which firms respond to changes in output (demand). ? Can increase or decrease output using more or less of some factors but some likely to be easier to change than others. ? Increase in total capacity only possible in the long run Analysis of Production Function: Short Run In times of rising sales (demand) firms can increase labour and capital but only up to a certain le
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