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Week 6 Managerial Economics

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

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Homework

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

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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

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

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Suppose a firm's cost function is C(q) = 80 + 12q + 5q 2. Compute TC, MC, AC and VC when q = 5

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

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I have two plants. One has a cost function C= 3 + 10q. 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.

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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

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The Production Function

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The General Production Function

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Properties of Production Functions

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Basics of Cost Functions

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Mathematical Cost Functions

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Mathematical Cost Functions-2

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Mathematical Cost Functions-3

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Solving the Problem

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Properties of Cost Functions

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Applications of Cost Functions

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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

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Basics of Competition

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The Firm's Supply Curve

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A Competitive Industry

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A Competitive Industry-More

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Changes in Factor Prices

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Equilibrium with Different Cost Functions

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Competitive Diversity

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Three Competition Problems Solution to Three Competition Problems

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