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Ch10-_F08 - Principles of Microeconomics AS/ECON1000 3.0...

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Principles of Microeconomics AS/ECON1000 3.0 Section A– Fall 08 Professor: Art Noordeh, PhD Web site: www.noordeh.pageout.net
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Teaching Assistants Room 1098 VH Jenny Fang, [email protected] T, R 11 – 2 pm Garry Sran, [email protected] T, R 9:30 – 11:30 am & R 2 – 4 pm PJ Chuang, [email protected] M, W 1:30 – 4:30 pm
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Course Evaluation Midterm Exam #2 (25%): T. Nov.11, in class Assignment (30%): Due T. Dec. 2, 08 @11:45 pm Final Exam (20%): T. Dec. 2, in class (Cumulative)
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Other Important Dates Nov. 7, 08: Last date to drop the course without receiving a grade Dec. 2, 08: Last day of Classes
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Reading/Homework for Oct. 23, 28 & 30, 08 Reading: Text – Chs. 10 & 11 Practice Exercises: Practice Exercises: All review Quizzes & Odd-numbered problems All review Quizzes & Odd-numbered problems Study Guide: Chs. 10 & 11 Key Concepts & all Multiple Choice questions Key Concepts & all Multiple Choice questions Aplia: Aplia: Weeks 8 & 9: Related Practice questions/problems Weeks 8 & 9: Related Practice questions/problems
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Chapter 10 Production and Cost
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Objectives Short run VS. long run Production Function Total product Marginal product Average product Law of Diminishing Return Cost Function Total cost Marginal cost Average cost Long-run average cost curve
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Decision Time Frames The short run The long run
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Short-Run Technology Constraint To increase output in the short run, a firm must increase the amount of labour employed. Three concepts describe the relationship between output and the quantity of labour employed: 1. Total product = TP 2. Marginal product = ΔTP/ΔQ 3. Average product = TP/Q
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Short-Run Technology Constraint: Total Product Curve The total product curve is similar to the PPF. It separates attainable output levels from unattainable output levels in the short run.
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Short-Run Technology Constraint: TP vs. MP The second worker hired produces 6 units of output and total product becomes 10 units. The third worker hired produces 3 units of output and total product becomes 13 units. And so on.
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Short-Run Technology Constraint: TP vs. MP The height of each bar measures the marginal product of labour.
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