E303lect29F09

E303lect29F09 - Lecture 29 2 November 2009 Reading Ch 5 pp 177-185 Collect Problem Set#9 HW Problem Set#10 Due Friday(probably REVIEW IV Chapter 5

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2 November 2009 Lecture 29 Reading: Ch. 5, pp. 177-185 Collect Problem Set #9 HW Problem Set #10. Due Friday (probably) REVIEW___________________________________________________: IV. Chapter 5. The Production Process and Costs B. The Production Function. 1 . Short Run Production. c. Optimal Use of a Single Input. VMP = MRP = MP L P Q = P L ii. Comparative Statics 3. Long Run Production a. Optimal Use of Multiple inputs MP L /P L = MP K /P K PREVIEW___________________________________________________ C. Costs. 1. The relationship of production functions to cost functions. 2. Short run costs. a. Cost curves 1. TC, TVC and TFC 2. MC, AVC and ATC b. The production decision for a firm: Produce Q where MR=MC. LECTURE_______________________________________________________ C. Costs and the Theory of the Firm 1. The Relationship of Production Functions to Cost Functions. To provide some context for this discussion, consider the problem of producing blueberry tarts in my house. We may have the following relationship. (a)
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This note was uploaded on 04/12/2010 for the course ECON 303 taught by Professor Shrestha during the Fall '08 term at VCU.

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E303lect29F09 - Lecture 29 2 November 2009 Reading Ch 5 pp 177-185 Collect Problem Set#9 HW Problem Set#10 Due Friday(probably REVIEW IV Chapter 5

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