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Week 6 Managerial Economics. Order of Business Homework Assigned Lectures Other Material Lectures for Next Week.

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Presentation on theme: "Week 6 Managerial Economics. Order of Business Homework Assigned Lectures Other Material Lectures for Next Week."— Presentation transcript:

1 Week 6 Managerial Economics

2 Order of Business Homework Assigned Lectures Other Material Lectures for Next Week

3 Homework

4

5 Find as many production isoquants as you can. That is, find as many points that lie on a particular production isoquant.

6 Does this production function have diminishing returns to proportion? Illustrate your answer with at least two examples. Compute the average product of labor when there are two thumpleblowers and 3 workers; compute the marginal product of a fourth worker

7 Does this production function have increasing returns to scale? Illustrate your answer with at least two examples.

8 Suppose a firm's cost function is C(q) = q + 5q 2. Compute TC, MC, AC and VC when q = 5

9 Using the data from the previous problem, determine what level of output minimizes AC? At that level of output, what is AC? MC?

10 I have two plants. One has a cost function C= q. The second plant has a cost function C = 15 + q + 0.5q 2. I want to produce 80 units of the product. How many should I produce at the first plant? At the second? Explain your answer.

11 Lectures for Last Week The Production Function The General Production Function Properties of Production Functions Basics of Cost Functions Mathematical Cost Functions Mathematical Cost Functions-2 Mathematical Cost Functions-3 Solving the Problem Properties of Cost Functions Applications of Cost Functions

12 The Production Function

13 The General Production Function

14 Properties of Production Functions

15 Basics of Cost Functions

16 Mathematical Cost Functions

17 Mathematical Cost Functions-2

18 Mathematical Cost Functions-3

19 Solving the Problem

20 Properties of Cost Functions

21 Applications of Cost Functions

22 Lectures for Next Week Basics of Competition The Firm's Supply Curve A Competitive Industry A Competitive Industry-More Changes in Factor Prices Equilibrium with Different Cost Functions Competitive Diversity Three Competition Problems Solution to Three Competition Problems

23 Basics of Competition

24 The Firm's Supply Curve

25 A Competitive Industry

26 A Competitive Industry-More

27 Changes in Factor Prices

28 Equilibrium with Different Cost Functions

29 Competitive Diversity

30 Three Competition Problems Solution to Three Competition Problems


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