Microeconomics - 2G03 - Chapter 6

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Chapter 2

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Microeconomics - 2G03Chapter 6Production and Cost:One Variable Input

Summary

most important assumption to TP(z1)

assumption of diminishing marginal product

beyond quantity of input 1

the slope of TP(z1) begins to get flatter

AP(z1) = TP(z1)/(z1)

Marginal product

MP(z1) = slope of TP(z1)

productions functions

total production function

TP(z1)

determine costs and oppertunity costs

short-run cost minimization

Define production functions

Key Terms

multi-plant firms

short-run average cost

short-run total cost

average fixed cost

fixed cost

short-run marginal cost

average variable cost

variable cost function

average product

diminishing marginal productassumption

free-disposal assumption

marginal product

total product function

long-run cost minimization

variable costs

fixed costs

avoidable costs

sunk costs

oppertunity cost

Cobb-Douglas Productionfunction

variable proportions productionfunctions

Leontief production functions

fixed-proportions productionfunction

production function

technically efficient

input bundle

6.1 The Production Function

Defining the Production Function