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Chapter 6 Cost and Choice. Copyright © 2001 Addison Wesley LongmanSlide 6- 2 Figure 6.1 A Simplified Jam-Making Technology.

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Presentation on theme: "Chapter 6 Cost and Choice. Copyright © 2001 Addison Wesley LongmanSlide 6- 2 Figure 6.1 A Simplified Jam-Making Technology."— Presentation transcript:

1 Chapter 6 Cost and Choice

2 Copyright © 2001 Addison Wesley LongmanSlide 6- 2 Figure 6.1 A Simplified Jam-Making Technology

3 Copyright © 2001 Addison Wesley LongmanSlide 6- 3 Figure 6.2 The Cost Function for Our Simplified Jam-Making Technology

4 Copyright © 2001 Addison Wesley LongmanSlide 6- 4 Figure 6.3 The Jam-Making Technology

5 Copyright © 2001 Addison Wesley LongmanSlide 6- 5 Figure 6.4 Isocost Curves and the Optimal Combination of Inputs

6 Copyright © 2001 Addison Wesley LongmanSlide 6- 6 Figure 6.5 Isocosts and Isoquants

7 Copyright © 2001 Addison Wesley LongmanSlide 6- 7 Figure 6.6 A Long-Run Cost Function

8 Copyright © 2001 Addison Wesley LongmanSlide 6- 8 Figure 6.7 The Optimal Combination of Inputs in the Short Run

9 Copyright © 2001 Addison Wesley LongmanSlide 6- 9 Figure 6.8 The Leontief Production Function

10 Copyright © 2001 Addison Wesley LongmanSlide 6- 10 Figure 6.9 Optimal Input Combinations in the Leontief Technology

11 Copyright © 2001 Addison Wesley LongmanSlide 6- 11 Figure 6.10 A Cost Function Associated with the Leontief Technology

12 Copyright © 2001 Addison Wesley LongmanSlide 6- 12 Figure 6.11 Isoquants Associated with the Cobb- Douglas Technology

13 Copyright © 2001 Addison Wesley LongmanSlide 6- 13 Figure 6.12 Cobb-Douglas Production Function

14 Copyright © 2001 Addison Wesley LongmanSlide 6- 14 Figure 6.13 The Elasticity of Substitution

15 Copyright © 2001 Addison Wesley LongmanSlide 6- 15 Figure 6.14(a) Long- and Short-Run Production Functions

16 Copyright © 2001 Addison Wesley LongmanSlide 6- 16 Figure 6.14(b) Long- and Short-Run Production Functions

17 Copyright © 2001 Addison Wesley LongmanSlide 6- 17 Figure 6.15(a) Short-Run Cost Function

18 Copyright © 2001 Addison Wesley LongmanSlide 6- 18 Figure 6.15(b) Short-Run Cost Function

19 Copyright © 2001 Addison Wesley LongmanSlide 6- 19 Figure 6.16 Some Short-Run Average Cost Curves

20 Copyright © 2001 Addison Wesley LongmanSlide 6- 20 Figure 6.17 Short-Run Total Cost Functions and a Long-Run Total Cost Function

21 Copyright © 2001 Addison Wesley LongmanSlide 6- 21 Figure 6.18 The Long-Run and Average Cost Curve

22 Copyright © 2001 Addison Wesley LongmanSlide 6- 22 Figure 6.19 Long-Run and Short-Run Cost Functions

23 Copyright © 2001 Addison Wesley LongmanSlide 6- 23 Figure 6.20 The Relationship between Long-Run and Short-Run Marginal Cost Functions

24 Copyright © 2001 Addison Wesley LongmanSlide 6- 24 Figure 6.21 Long-Run and Short-Run Marginal Costs


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