【正文】 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),18,Chapter 1,Labor per Month,Output per Month,60,112,0,2,3,4,5,6,7,8,9,10,1,Production with One Variable Input (Labor),19,Chapter 1,Average Product,Production with One Variable Input (Labor),8,10,20,Output per Month,0,2,3,4,5,6,7,9,10,1,Labor per Month,30,20,Chapter 1,Observations: When MP = 0, TP is at its maximum When MP AP, 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。 c.,22,Chapter 1,As the use of an input increases in equal increments, a point will be reached at which the resulting additions to output decreases (i.e. MP declines).,Production with One Variable Input (Labor),The Law of Diminishing Marginal Returns,23,Chapter 1,When the labor input is small, MP increases due to specialization. When the labor input is large, MP decreases due to inefficiencies.,The Law of Diminishing Marginal Returns,Production with One Variable Input (Labor),24,Chapter 1,Can be used for longrun decisions to evaluate the tradeoffs of different plant configurations Assumes the quality of the variab