N17-cost curves more jpw

N17-cost curves more jpw - Getting the Short Run Cost...

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http://www.arts.cornell.edu/econ/wissink/econ1110jpw/ Getting the Short Run Cost Curves Lecture 17 Dr. Jennifer P. Wissink ©2011 John M. Abowd and Jennifer P. Wissink, all rights reserved. October 27, 2011
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http://www.arts.cornell.edu/econ/wissink/econ1110jpw/ Announcements: Micro F2011 MEL REMINDER I have posted Quiz#08 and ToCatchUpQuiz#02 – see the MEL site for due dates which are early NEXT week, before the prelim. Prelim 2 PELASE SEE THE SYLLABUS ON THE WEB PAGE FOR WHAT TO DO IF YOU HAVE CONFLICTS. Duk is back working with us, so please go back to emailing him to be put on the various “lists”. We will announce room locations on Tuesday next week. Please be on the look out, so that you go to the correct location. PRELIM 2 COVERAGE! All those other elasticity concepts in chapter 5. All consumer theory in chapter 6. All of chapter 7 (but not the appendix) Parts of chapter 8 that I cover until I say stop on Tuesday. All materials between last stopping point and where I draw the line Tuesday in class next week. DON’T FORGET TO USE THE ABOWD MULTIPLE CHOICE QUESTIONS, MY SAMPLE PRELIMS, AND MY OLD PROBLEM SETS! Get to them via the link below. http://www.arts.cornell.edu/econ/wissink/econ1110jpw/pset.htm
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http://www.arts.cornell.edu/econ/wissink/econ1110jpw/ Jonathan’s Total Product of Labor Jonathan's Total Product of Labor Apples (t./year) Land (acres) Labor (hired) Proprietor's time (hours) 0 100 0 1,100 50 100 2,500 1,100 100 100 3,700 1,100 150 100 5,000 1,100 200 100 6,800 1,100 250 100 10,000 1,100 300 100 15,000 1,100 350 100 27,000 1,100 total product of labor 0 100 200 300 400 0 10,000 20,000 30,000 labor hours apples total product of labor
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http://www.arts.cornell.edu/econ/wissink/econ1110jpw/ Jonathan’s Marginal & Average Products of Labor Marginal Product of Labor 0.000 0.005 0.010 0.015 0.020 0.025 0.030 0.035 0.040 0.045 0 5,000 10,000 15,000 Hours of Labor Tons of apples/hour Marginal Product of Labor (midpoint formula) Average Product of Labor Labor (hired hours) Total Product (tons of apples) Average Product (tons of apples) Marginal Product (tons of apples) 0 0 0/0?? 2,500 50 0.020 0.027 3,700 100 0.027 0.040 5,000 150 0.030 0.032 6,800 200 0.029 0.020 10,000 250 0.025 0.012 15,000 300 0.020 0.006 27,000 350 0.013
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http://www.arts.cornell.edu/econ/wissink/econ1110jpw/ The Average/Marginal Relation: Grade Point Average Example For product curves or any other average/marginal pair of curves: If marginal (product) is above average (product), then the average (product) is rising.
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