technology.18a - Econ 100A Production Technology Part...

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Econ 100A: Production: Technology, Part I (Chapter 18) Thomas G. Koch Fall 2008 Thomas G. Koch Production: Tech (18A) 1(44)
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Clickers Turn on your clicker Hit a button Thomas G. Koch Production: Tech (18A) 2(44)
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Consumers provide things Labor, capital (savings) What is done with them? Firms produce consumption good Thomas G. Koch Production: Tech (18A) 3(44)
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How do firms produce? They have technology Converts inputs (labor, capital) . . . into outputs (consumption goods) Thomas G. Koch Production: Tech (18A) 4(44)
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Thinking about firms Where do firms come from? How much do they produce? How do they produce? Thomas G. Koch Production: Tech (18A) 5(44)
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To make an apple 1 Need an apple tree, land, fertilizer 2 Need farmer, apple-picker What is this? 1 Capital 2 Labor Thomas G. Koch Production: Tech (18A) 6(44)
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To make an iPod 1 Need memory, plastic 2 Need programmer, salesperson What is this? 1 Capital 2 Labor Thomas G. Koch Production: Tech (18A) 7(44)
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Thinking about production One farmer, two hectares of land and one tractor . . . yields one barrel of apples. But how many iPods? Thomas G. Koch Production: Tech (18A) 8(44)
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To make an iPod Ten computer scientists, yields an iPod. But how many apples? Thomas G. Koch Production: Tech (18A) 9(44)
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A Production Function A mathematical relationship between . . . the amount of inputs used, ( x 1 , x 2 , . . . ) and the maximum possible output Thomas G. Koch Production: Tech (18A) 10(44)
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A Production Function y = f ( x ) f ( · ) production function x inputs y maximum possible output Thomas G. Koch Production: Tech (18A) 11(44)
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Production Set with One Input Thomas G. Koch Production: Tech (18A) 12(44)
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