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Production Function
With One Variable Input
Prepared by Robert F. Brooker, Ph.D. Copyright 2004 by South-Western, a division of Thomson Learning. All rights reserved.
p. 233
Slide 2
p. 235
MVPL = MRPL
MRPL = (MPL)(MR)
MR = P
TC
Marginal Resource
Cost of Labor
MRCL =
MRPL = MRCL = w
=w
Slide 3
Profit Maximization
p.248
= TR TC = P.Q wL rK
Q = f (K,L)
p. 270
= P. f (K,L) wL rK
d = Pdf
dL
dL
w = 0
(MPL)(MR) = MRPL = w
d = Pdf
dK
dK
r = 0
(MPK)(MR) = MRPK = r
P is constant P = MR
MPL
MPK
MPL
MPK
Prepared by Robert F. Brooker, Ph.D. Copyright 2004 by South-Western, a division of Thomson Learning. All rights reserved.
r
Slide 4
MRPL = (MPL)(MR)
TR
MR =
Q
p. 236
Optimal amount of L
Prepared by Robert F. Brooker, Ph.D. Copyright 2004 by South-Western, a division of Thomson Learning. All rights reserved.
Slide 5
Figure 7-1
MC = ATC
p.277
= $60
Prepared by Robert F. Brooker, Ph.D. Copyright 2004 by South-Western, a division of Thomson Learning. All rights reserved.
Slide 6
p.46
Profit Maximization
($) 300
TC
Max TR
240
TR
180
is maximum
at Q = 3
MC = MR
MC
120
60
MR
Total loss
is greatest
MR = 0
60
30
0
-30
Profit
-60
Prepared by Robert F. Brooker, Ph.D. Copyright 2004 by South-Western, a division of Thomson Learning. All rights reserved.
Slide 7
Slide 8
p. 344
Monopoly
Short-Run Equilibrium
Profit = 500 x $3
Q* = 500
P* = $11
P = a bQ
TR = (a bQ) Q
= aQ bQ
MR = dTR/dQ = a 2bQ
2b = 2x slope D curve
Slide 9
p.345
Monopoly
Long-Run Equilibrium
Profit = CAFB
Q* = 700
P* = $9
Slide 10
(GHT)
Slide 11
Monopolistic Competition
Long-Run Equilibrium
Profit = 0
at Q = 4
P = $6
Break even
Figure 8-10
Prepared by Robert F. Brooker, Ph.D.
Slide 12
Monopolistic Competition
Long-Run Equilibrium p. 352
D and MR are higher then D and MR before selling efforts see Figure 8-10
Break even
at A*
Figure 8-11
Prepared by Robert F. Brooker, Ph.D.
Slide 13