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Week 3B - COMM/FRE 295 Production Readings/Homework...

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COMM/FRE 295 September 23, 2010 Production
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Readings/Homework Sections 5.1 5.5 of the text Fortunately the theory of production has many similarities with the theory of the consumer Assignment 1 will be posted on Friday, Sept 24 (you will have just short of two weeks to complete it) Start on it soon it is long and challenging!
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Topics Examined Production function and its properties Short-run: marginal and Average product Law of diminishing returns Production in the long run Substitution among inputs (isoquants) Returns to scale
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