1. Lectures in Microeconomics-Charles W. Upton The General Production Function q = f(x 1,x 2,…,x n )

2. The General Production Function q = f(x 1,x 2,…,x n ). Output Inputs

3. The General Production Function q = f(1 egg 1,etc,0 trips to bakery) q = f(0 eggs 1,etc,1 trip to bakery).

4. The General Production Function q = f(x 1,x 2,…,x n ) q = f(K,L)

5. The General Production Function q = f(x 1,x 2,…,x n ) q = f(K,L) FixedVariable

6. The General Production Function Production Isoquants K L Q1Q1 QoQo

7. The General Production Function Production Isoquants K L Q1Q1 QoQo Quantities of Capital and Labor that give equal quantities (iso-quantities) of output

8. The General Production Function Production Isoquants K L Q1Q1 QoQo KoKo LoLo L2L2 L1L1 K2K2 K1K1

9. The General Production Function Production Isoquants K L Q1Q1 QoQo KoKo LoLo L2L2 L1L1 K2K2 K1K1

10. The General Production Function Production Isoquants K L Q1Q1 QoQo KoKo LoLo L2L2 L1L1 K2K2 K1K1

11. The General Production Function Production Isoquants K L Q1Q1 QoQo More capital or more labor means more output but they can be substituted

12. The General Production Function The Cobb-Douglas Production Function

13. The General Production Function A Tabular Presentation

14. The General Production Function End ©2003 Charles W. Upton