Producer behavior: Production & cost functions
7 important questions on Producer behavior: Production & cost functions
What are the assumptions of the production function?
2. Firm knows which good
3. Firms minimize costs
4. only 2 inputs (labor and capital)
5. Capital is fixed in the short run
6. Output increases with inputs
7. Capital markets are well functioning
What is a insoquant?
how further from the origin how higher the output level
cannot intersect
are convex
What does the slope of an isoquant captures?
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What could be a reason or diminishing RTS?
or
quasi-concavity of production function
What is the curvative of an isoquant?
straight isoquant --> substituable
convex isoquant --> complementary
What is elasticity of substitution?
siegma= (dk/l)/kl/dRTS/RTS = dln(k/l)/dlnRTS, is always >0
siegma high --> isoquant flat
What does the shephard's lemma states in the cost function?
applying envelope theorem:
dc(v,w,q0/dv = dL(v,w,q,lamda)/dv = kç(v,w,q)
The question on the page originate from the summary of the following study material:
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