APMic Unit 3 Lesson 1 - The Production Function (Module 54) by jclerch https://padlet.com/jclerch/vg1y2yt4dmnj Production, Cost and the Perfect Competition Model en-us 2016-10-03 19:32:59 UTC 2023-04-06 12:59:48 UTC hello@padlet.com https://padlet-uploads.storage.googleapis.com/135439946/03955a588d96792ffb26256549f40dd9/IMG_12291_1mb.png jclerch https://padlet.com/jclerch/vg1y2yt4dmnj/wish/129341276 2016-10-09 16:14:34 UTC https://padlet.com/jclerch/vg1y2yt4dmnj/wish/129341276 jclerch https://padlet.com/jclerch/vg1y2yt4dmnj/wish/129342050 2016-10-09 16:24:11 UTC https://padlet.com/jclerch/vg1y2yt4dmnj/wish/129342050 jclerch https://padlet.com/jclerch/vg1y2yt4dmnj/wish/129381916 2016-10-10 01:15:12 UTC https://padlet.com/jclerch/vg1y2yt4dmnj/wish/129381916 jclerch https://padlet.com/jclerch/vg1y2yt4dmnj/wish/179962401 2017-08-02 16:29:00 UTC https://padlet.com/jclerch/vg1y2yt4dmnj/wish/179962401 jclerch https://padlet.com/jclerch/vg1y2yt4dmnj/wish/201506544 2017-10-29 16:29:49 UTC https://padlet.com/jclerch/vg1y2yt4dmnj/wish/201506544 jclerch https://padlet.com/jclerch/vg1y2yt4dmnj/wish/296725817 2018-10-25 00:24:40 UTC https://padlet.com/jclerch/vg1y2yt4dmnj/wish/296725817 jclerch https://padlet.com/jclerch/vg1y2yt4dmnj/wish/344243255 2019-03-22 14:44:01 UTC https://padlet.com/jclerch/vg1y2yt4dmnj/wish/344243255 jclerch https://padlet.com/jclerch/vg1y2yt4dmnj/wish/372042741 2019-07-23 15:15:38 UTC https://padlet.com/jclerch/vg1y2yt4dmnj/wish/372042741 Questions jclerch https://padlet.com/jclerch/vg1y2yt4dmnj/wish/372204020
  • What is the importance of the firm’s production function?
  • Why is production often subject to diminishing returns to inputs?
  • What are the various types of costs a firm faces?
  • How does a firm’s costs generate marginal cost curves and average cost curves?
    • ]]>     2019-07-24 22:59:15 UTC https://padlet.com/jclerch/vg1y2yt4dmnj/wish/372204020     Essential Knowledge jclerch https://padlet.com/jclerch/vg1y2yt4dmnj/wish/372204028 The production function explains the relationship between inputs and outputs both in the short run and the long run.

    Marginal product and average product change as input usage changes, and hence, total product changes.

    Diminishing marginal returns occur as the firm employs more of one input, holding other inputs constant, to produce a product (output) in the short run.
    ]]>     2019-07-24 22:59:24 UTC https://padlet.com/jclerch/vg1y2yt4dmnj/wish/372204028     Enduring Understanding jclerch https://padlet.com/jclerch/vg1y2yt4dmnj/wish/372204074 Firms’ production and cost constraints over different input and output levels shape optimal decisions in the short run and long run.]]> 2019-07-24 22:59:57 UTC https://padlet.com/jclerch/vg1y2yt4dmnj/wish/372204074 Learning Objectives jclerch https://padlet.com/jclerch/vg1y2yt4dmnj/wish/372204086 Define (using graphs where appropriate) key terms and concepts relating to production and cost.

    Explain (using graphs where appropriate) how production and cost are related in the short run and long run.

    Calculate (using data from a graph or table as appropriate) the various measures of productivity and short-run and long-run costs.
    ]]>     2019-07-24 23:00:09 UTC https://padlet.com/jclerch/vg1y2yt4dmnj/wish/372204086     jclerch https://padlet.com/jclerch/vg1y2yt4dmnj/wish/391027339 2019-09-29 15:47:18 UTC https://padlet.com/jclerch/vg1y2yt4dmnj/wish/391027339 jclerch https://padlet.com/jclerch/vg1y2yt4dmnj/wish/693508232 2020-08-23 19:29:42 UTC https://padlet.com/jclerch/vg1y2yt4dmnj/wish/693508232 jclerch https://padlet.com/jclerch/vg1y2yt4dmnj/wish/693543803 2020-08-23 20:36:30 UTC https://padlet.com/jclerch/vg1y2yt4dmnj/wish/693543803