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Unformatted text preview: Click to edit Master subtitle style 5/11/11 Lecture 7. Inputs and production functions Professor Mian Dai Spring, 2011 Econ 301 Microeconomics 5/11/11 A road map for todays Lecture What is production function Margin product, average product isoquants, marginal return of technical substitution. What is return to scale? 5/11/11 Production function Maximum amount of quantity output the firm can produce given the quantities of inputs (factors of production) A general form of production function can be Q=f(L,K) L: labor, K: capital The production function with a single input is also known as total production function 5/11/11 Production function and Lets consider a production function with only one input: L Q = f(L) Q C D A B Production Set Production Function 5/11/11 Production function primitives The marginal product of an input is the change in output that results from a small change in an input holding the levels of all other inputs constant...
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