Econ 101 Winter 2010 Lecture 21

Econ 101 Winter 2010 Lecture 21 - Economics 101...

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Click to edit Master subtitle style Lecture 1 Economics 101 Microeconomics University of Michigan Winter 2010 Lecture 21
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Lecture 1 22 Available on CTools Last quiz in discussion this week Reading Problem Set 10
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Lecture 1 The Economic Production Model Production Function Labor Energy Enterprise Human Capital Outputs
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Lecture 1 The Production Possibilities Good X All other goods Efficient production Inefficient production Infeasible production
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Lecture 1 Production and Resources PPF model highlights the role of productive resources in determining output levels n Factors of Production or “inputs” are required to produce output n More resources devoted to a particular production process generates more output (generally) n Captured in the PRODUCTION FUNCTION n Identifies the greatest output of a particular good that can be produced with any given set of productive resources (inputs/factors of production)
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Production Function – Consider: Q = 5 L
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Econ 101 Winter 2010 Lecture 21 - Economics 101...

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