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Lecture 14 - Economics 101A(Lecture 14 Mariana Carrera and...

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Economics 101A (Lecture 14) Mariana Carrera and Justin Gallagher October 15, 2009
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Outline 1. Production: Introduction 2. Production Function 3. Returns to Scale 4. Two-step Cost Minimization
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1 Production: Introduction Second half of the economy. Production Example. Ford and the Minivan (Petrin, 2002): Ford had idea: "Mini/Max" (early ’70s) D idFo rdp roduceit? No! Ford was worried of cannibalizing station wagon sector Chrysler introduces Dodge Caravan (1984)
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Why need separate treatment? Perhaps f rms maximize utility. .. ...we can be more precise: Competition Institutional structure
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Production Function Nicholson, Ch. 9, pp. 295-301; 306-311 (Ch. 7, pp. 183—190; 195—200, 9th) Production function: y = f ( z ) . Function f : R n + R + Inputs z =( z 1 ,z 2 ,...,z n ) : labor, capital, land, hu- man capital Output y : Minivan, Intel CPU, mangoes (Philip- pines) Properties of
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Lecture 14 - Economics 101A(Lecture 14 Mariana Carrera and...

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