Download presentation

Presentation is loading. Please wait.

Published byRey Ringwood Modified over 2 years ago

1
Week 6 Managerial Economics

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

3
Homework

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) = 80 + 12q + 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= 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.

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

Similar presentations

© 2017 SlidePlayer.com Inc.

All rights reserved.

Ads by Google