TAILIEUCHUNG - Lecture Microeconomics: Theory and applications (12th edition): Chapter 7 - Browning, Zupan

Chapter 7 – Production. In this chapter students will be able to: Establish the relationship between inputs and output; define total, average, and marginal product, and explain the law of diminishing marginal returns in the short-run setting when at least some inputs are fixed; investigate the ability of a firm to vary its output in the long run when all inputs are variable;. | MICROECONOMICS: Theory & Applications By Edgar K. Browning & Mark A. Zupan John Wiley & Sons, Inc. 12th Edition, Copyright 2015 Chapter 7: Production Prepared by Dr. Della Lee Sue, Marist College Learning Objectives Establish the relationship between inputs and output. Define total, average, and marginal product, and explain the law of diminishing marginal returns in the short-run setting when at least some inputs are fixed. Investigate the ability of a firm to vary its output in the long run when all inputs are variable. Explore returns to scale: how a firm’s output response is affected by a proportionate change in all inputs. Describe how production relationships can be estimated and some different potential functional forms for those relationships. RELATING OUTPUT TO INPUTS Establish the relationship between inputs and output. Relating Output to Inputs Factors of production – inputs or ingredients mixed together by a firm through its technology to produce output .

• Kinh tế học
• Microeconomics theory
• Microeconomics applications
• Lecture Microeconomics
• Kinh tế vĩ mô
• Relating output to inputs
• Empirical estimation
• Scope of microeconomic theory
• Normative analyses
• Consumer choice
• Theory of consumer choice
• Consumer choice theory
• Excise subsidies
• Game theory
• Economics of information
• Demand curves
• Supply curves
• Consumption choices
• Substitution effects
• Economic efficiency
• Competitive equilibrium
• Cost of production
• Shortrun cost
• Profit maximization
• Perfectly competitive markets
• Competitive model
• Excise taxation
• Monopolist’s demand
• Marginal revenue curves
• Product pricing
• Monopoly power