Lecture 15 - 11/4/2009 Announcements Reading for today text...

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11/4/2009 1 ± Reading for today ± text Ch 9 pp. 244-260 (232-249 5 th edition) ± Reading for next Wednesday ± text Ch 9 pp. 260-265 (249-253 5 th edition) Announcements ± Check the class schedule posted at the website for a revised list of readings Announcements ± EXAM DATES: Oct 12 (Monday) First Midterm 8-10 PM Nov 9 (Monday) Second Midterm 8-10 PM Dec 14 (Monday) Third Midterm 8-10 PM ± No cell-phones at exams. ± Calculators must be simple non-complex-non-graphing types of calculators. You may not share calculators. ± Come on time and bring your photo student ID. Exam Announcements ± Exam 2: Monday, November 9, 8-10pm ± Pooled Office Hours: Sunday November 8 1-4pm AH AUD B ± Exam emphasizes material covered since the last exam: ± End of Chapter 5 - Beginning of Chapter 9 ± Pages 127-260 in Taylor text ± Lectures 9-15 ± Homework 4-7 Returns to Scale ± effect on output of increasing ALL inputs proportionately ± think of scaling up all inputs, say by a factor of 2 ± if output more than doubles, we say the production function exhibits “increasing returns to scale” ± if output exactly doubles, the production function exhibits “constant returns to scale” 19 ± if ouput increases by less than double, the production function has “decreasing returns to scale” ± different from diminishing marginal product ± vary one input, holding others fixed ± usually a production function exhibits diminishing marginal product (diminishing marginal returns, diminishing returns) ± can exhibit IRS, CRS, DRS Units of Capital Q 1 2 4 8
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Lecture 15 - 11/4/2009 Announcements Reading for today text...

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