Lecture02-2011 - Outline Overview of the Production...

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Outline Overview of the Production Function Production Function Defined Properties of the Production Function Law of Variable Proportions Elasticity of Scale Tobacco Production Data Definition and Properties of the Production Function: Lecture II Charles B. Moss August 25, 2011 Charles B. Moss Definition and Properties of the Production Function: Lecture I
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Outline Overview of the Production Function Production Function Defined Properties of the Production Function Law of Variable Proportions Elasticity of Scale Tobacco Production Data Overview of the Production Function A Brief Brush with Duality Cobb-Douglas Cost Minimization Lagrangian for the Cobb-Douglas Solution to Cobb-Douglas Cobb-Douglas Cost Function Production Function Defined Properties of the Production Function Law of Variable Proportions Elasticity of Scale Tobacco Production Data Charles B. Moss Definition and Properties of the Production Function: Lecture I
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Outline Overview of the Production Function Production Function Defined Properties of the Production Function Law of Variable Proportions Elasticity of Scale Tobacco Production Data A Brief Brush with Duality Cobb-Douglas Cost Minimization Lagrangian for the Cobb-Douglas Solution to Cobb-Douglas Cobb-Douglas Cost Function Overview of the Production Function The production function (and indeed all representations of technology) is a purely technical relationship that is void of economic content. Since economists are usually interested in studying economic phenomena, the technical aspects of production are interesting to economists only insofar as they impinge upon the behavior of economic agents (Chambers p. 7). Charles B. Moss Definition and Properties of the Production Function: Lecture I
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Outline Overview of the Production Function Production Function Defined Properties of the Production Function Law of Variable Proportions Elasticity of Scale Tobacco Production Data A Brief Brush with Duality Cobb-Douglas Cost Minimization Lagrangian for the Cobb-Douglas Solution to Cobb-Douglas Cobb-Douglas Cost Function Because the economist has no inherent interest in the production function, if it is possible to portray and to predict economic behavior accurately without direct examination of the production function, so much the better. This principle, which sets the tone for much of the following discussion, underlies the intense interest that recent developments in duality have aroused (Chambers p. 7). Charles B. Moss Definition and Properties of the Production Function: Lecture I
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Outline Overview of the Production Function Production Function Defined Properties of the Production Function Law of Variable Proportions Elasticity of Scale Tobacco Production Data A Brief Brush with Duality Cobb-Douglas Cost Minimization Lagrangian for the Cobb-Douglas Solution to Cobb-Douglas Cobb-Douglas Cost Function A Brief Brush with Duality I The point of these two statements is that economists are not engineers and have no insights into why technologies take on any particular shape.
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Lecture02-2011 - Outline Overview of the Production...

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