micro-fall2007-14 - Technologies and Production Functions...

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Unformatted text preview: Technologies and Production Functions Technologies Production plan ( y ; v ) = B @ y 1 ... y m | {z } Outputs ; v 1 ... v n | {z } Inputs 1 C A Ani Guerdjikova ECON 313 Fall 2007 143 / 152 Technologies and Production Functions Technologies Production plan ( y ; v ) = B @ y 1 ... y m | {z } Outputs ; v 1 ... v n | {z } Inputs 1 C A Technology set & the set of all production plans which are technologically feasible Y Ani Guerdjikova ECON 313 Fall 2007 143 / 152 Technologies and Production Functions Production Functions The production function indicates for each input vector v = ( v 1 ... v n ) the maximal quantity of output y = ( y 1 ... y m ) . If the &rm produces a single output y , the production function can be written explicitly : y & f ( v ) = f ( v 1 ... v n ) . Ani Guerdjikova ECON 313 Fall 2007 144 / 152 Technologies and Production Functions Production Functions The production function indicates for each input vector v = ( v 1 ... v n ) the maximal quantity of output y = ( y 1 .......
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This note was uploaded on 04/30/2008 for the course ECON 3130 taught by Professor Masson during the Fall '06 term at Cornell University (Engineering School).

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micro-fall2007-14 - Technologies and Production Functions...

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