Chapter 6 Cost and Choice. Copyright © 2001 Addison Wesley LongmanSlide 6- 2 Figure 6.1 A Simplified Jam-Making Technology.

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Chapter 6 Cost and Choice. Figure 6.1 A Simplified Jam-Making Technology.
Presentation transcript:

Chapter 6 Cost and Choice

Copyright © 2001 Addison Wesley LongmanSlide 6- 2 Figure 6.1 A Simplified Jam-Making Technology

Copyright © 2001 Addison Wesley LongmanSlide 6- 3 Figure 6.2 The Cost Function for Our Simplified Jam-Making Technology

Copyright © 2001 Addison Wesley LongmanSlide 6- 4 Figure 6.3 The Jam-Making Technology

Copyright © 2001 Addison Wesley LongmanSlide 6- 5 Figure 6.4 Isocost Curves and the Optimal Combination of Inputs

Copyright © 2001 Addison Wesley LongmanSlide 6- 6 Figure 6.5 Isocosts and Isoquants

Copyright © 2001 Addison Wesley LongmanSlide 6- 7 Figure 6.6 A Long-Run Cost Function

Copyright © 2001 Addison Wesley LongmanSlide 6- 8 Figure 6.7 The Optimal Combination of Inputs in the Short Run

Copyright © 2001 Addison Wesley LongmanSlide 6- 9 Figure 6.8 The Leontief Production Function

Copyright © 2001 Addison Wesley LongmanSlide Figure 6.9 Optimal Input Combinations in the Leontief Technology

Copyright © 2001 Addison Wesley LongmanSlide Figure 6.10 A Cost Function Associated with the Leontief Technology

Copyright © 2001 Addison Wesley LongmanSlide Figure 6.11 Isoquants Associated with the Cobb- Douglas Technology

Copyright © 2001 Addison Wesley LongmanSlide Figure 6.12 Cobb-Douglas Production Function

Copyright © 2001 Addison Wesley LongmanSlide Figure 6.13 The Elasticity of Substitution

Copyright © 2001 Addison Wesley LongmanSlide Figure 6.14(a) Long- and Short-Run Production Functions

Copyright © 2001 Addison Wesley LongmanSlide Figure 6.14(b) Long- and Short-Run Production Functions

Copyright © 2001 Addison Wesley LongmanSlide Figure 6.15(a) Short-Run Cost Function

Copyright © 2001 Addison Wesley LongmanSlide Figure 6.15(b) Short-Run Cost Function

Copyright © 2001 Addison Wesley LongmanSlide Figure 6.16 Some Short-Run Average Cost Curves

Copyright © 2001 Addison Wesley LongmanSlide Figure 6.17 Short-Run Total Cost Functions and a Long-Run Total Cost Function

Copyright © 2001 Addison Wesley LongmanSlide Figure 6.18 The Long-Run and Average Cost Curve

Copyright © 2001 Addison Wesley LongmanSlide Figure 6.19 Long-Run and Short-Run Cost Functions

Copyright © 2001 Addison Wesley LongmanSlide Figure 6.20 The Relationship between Long-Run and Short-Run Marginal Cost Functions

Copyright © 2001 Addison Wesley LongmanSlide Figure 6.21 Long-Run and Short-Run Marginal Costs

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