EQUATION 5.1 The Production Function

EQUATION 5.2 Model of a Short-Run Production Function

EQUATION 5.3 Average Product and Marginal Product

EQUATION 5.4 Average Product and Marginal Product

TABLE 5.1 A Simple Production Functiona

FIGURE 5.1 The Short-Run Production Function

TABLE 5.2 Relationships Among Total Product (TP), Average Product (AP),and Marginal Product (MP) in Figures 5.1a and 5.1b

TABLE 5.3 Short-Run Cost Functions (Based on the production function in Equation 5.2 and input prices PL and PK)

TABLE 5.4 Short-Run Cost Functions (Based on the production function from Table 5.1 and input prices PK = $50 and PL = $100)

FIGURE 5.2 Short-Run Cost Functions

TABLE 5.5 Short-Run Production and Cost Functions

FIGURE 5.3 The Relationship Between Short-Run Production and Cost

FIGURE 5.4 Alternative Short-Run Production and Cost Functions