Lecture01-2011 - Basic Notions of Production Functions...

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Unformatted text preview: Basic Notions of Production Functions Charles B. Moss 1 1 University of Florida August 23, 2011 Charles B. Moss (University of Florida) Production Functions August 23, 2011 1 / 35 Outline 1 Overview of Production Economics 2 Overview of the Production Function Chambers on Production Functions Production Function Mapping 3 One Product, One Input Derived Relationships Estimated Production Functions Stages of Production 4 Elasticity of Production APP and MPP 5 One Product, Two Variable Input Relationships Empirical Production Functions 6 Isoquants, Isoclines, and Ridgelines Factor-Factor Relationships Charles B. Moss (University of Florida) Production Functions August 23, 2011 2 / 35 Overview of Production Economics Overview of Production Economics The single chapter which follows summarizes the scope and method of agricultural production economics. The treatment does not do justice to this important field of applied economics, which is surpassed by no other in its accomplishment, its breadth, and its interesting history (Heady p.1). Charles B. Moss (University of Florida) Production Functions August 23, 2011 3 / 35 Overview of Production Economics Agricultural production economics is the oldest and most widespread specialization in the applied field of science know as agricultural economics; the science of agricultural economics originated as a study in farm production economics. The field has continued to grow until it now embraces more workers than any other specialization. In the field of agricultural economics the majority of outstanding names has been associated with some phase of production economics, both in farm and in national use of resources. Charles B. Moss (University of Florida) Production Functions August 23, 2011 4 / 35 Overview of Production Economics The list in the United States has included such prominent persons as G.F. Warren, H.C. Taylor, T.N. Carver, W.J. Spillman, L.C. Grey, C.L. Holmes, J.D. Black, E.C. Young, H. Tolley, M. Ezekiel, A. Boss, O.V. Wells, H.C.M. Case, S.E. Johnson, T.W. Schultz, G.E Forster, W.W. Wilcox, and W. G. Murray. The European list includes such well known names as J. Von Thunen, M. Kitchen, F Aereboe, T. Brinkman, A.W. Ashby, G. Lauer, R. Cohen and others. All of these scholars have been known for their findings or particular methods of analysis. In this list are not only persons who pioneered the field of agricultural economics but also those who contributed both to theory and to empirical knowledge. The central objective of their work has been to increase the efficiency with which farm resources are used (Heady p.1). Charles B. Moss (University of Florida) Production Functions August 23, 2011 5 / 35 Overview of Production Economics Production economists who focus their attention on agriculture are concerned with choice and decision-making in the use of the capital, labor, land, and management resources in the farming industry. The goals of agricultural production economics are twofold: (1) to provide guidance to...
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This note was uploaded on 11/08/2011 for the course AEB 6184 taught by Professor Staff during the Spring '09 term at University of Florida.

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Lecture01-2011 - Basic Notions of Production Functions...

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