AREC 333-Production Economics

Xiaoli Fan, Sep 10, 2020

AREC 333-Economics of Production and Resource Management University of Alberta Xiaoli Fan Fall, 2020

Table of Contents

  1. Technical Aspect of Production: Single Input
    1. TPP
    2. APP-Linear
    3. APP_Nonlinear
    4. Derivative-Nonlinear
    5. Derivative-explanation
    6. Arc MPP
    7. Point MPP
    8. MPP
    9. MPP-Geometry
    10. Increasing and Decreasing Function
    11. MPP&APP-backup1
    12. MPP&APP-Simplified
    13. Factor of Elasticity 1
    14. 3 stages of production
  2. Economic Aspect of Production: Input Perspective
    1. TVP, AVP, MVP
    2. TFC, TVC, MFC
    3. Economic regions
    4. Economic Regions: MFC, MVP
    5. 1st Order Condition
    6. MVP=MFC
    7. 2nd Order Conditions 1
    8. 2nd Order Condition 2
    9. Profit max-2nd Order
    10. MPP=r/p
    11. Input Price Increases
    12. Output Price Change
  3. Economic Aspect of Production: Output Perspective
    1. TR,AR,MR
    2. Geometry of cost curves
    3. Geometry of AVC, MC
    4. Geometry of TPP vs. VC
    5. Example: TC, VC
    6. Example: Profit, AVC, MC
  4. Technical Aspect of Production: Multiple Inputs
    1. Isoquant: Example
    2. CRS
    3. DRS
    4. IRS
    5. RTS-3D Illustration
    6. Isoquant Patterns-Imperfect Substitution
    7. Isoquants: No Substitution
    8. Isoquant: Perfect Substitution
    9. Isoquants-Homogeneous
    10. RTS: Homogeneous Functions
    11. Cobb-Douglas Function Surface
    12. Cobb-Douglas: Isoquants
  5. Economic Aspect of Production: Multiple Inputs
    1. Isocost curve
    2. Cost Minimization-Cobb Douglas
    3. Expansion Path-Cobb Douglas
    4. Input Demand Function-CD
    5. Input Demand-CD-1 Input
    6. Output Max vs. Cost Min 1
    7. Output Max vs. Cost Min 2
    8. Conditional Input Demand-CD
    9. Output Supply - Blank
    10. Output Supply - Short Run
    11. Output Supply - Long Run
    12. Output Supply - Cobb Douglas - Short Run
    13. Output Supply - Cobb Douglas - Long Run
  6. Multiple Outputs Production
  7. Labs
    1. Global max
    2. 3D Production Function

1.

Technical Aspect of Production: Single Input

  • 1. TPP
  • 2. APP-Linear
  • 3. APP_Nonlinear
  • 4. Derivative-Nonlinear
  • 5. Derivative-explanation
  • 6. Arc MPP
  • 7. Point MPP
  • 8. MPP
  • 9. MPP-Geometry
  • 10. Increasing and Decreasing Function
  • 11. MPP&APP-backup1
  • 12. MPP&APP-Simplified
  • 13. Factor of Elasticity 1
  • 14. 3 stages of production

1.1.

TPP

– Xiaoli Fan

1.2.

–

1.3.

–

1.4.

–

1.5.

–

1.6.

–

1.7.

–

1.8.

–

1.9.

–

1.10.

–

1.11.

–

1.12.

–

1.13.

–

1.14.

–

2.

Economic Aspect of Production: Input Perspective

  • 1. TVP, AVP, MVP
  • 2. TFC, TVC, MFC
  • 3. Economic regions
  • 4. Economic Regions: MFC, MVP
  • 5. 1st Order Condition
  • 6. MVP=MFC
  • 7. 2nd Order Conditions 1
  • 8. 2nd Order Condition 2
  • 9. Profit max-2nd Order
  • 10. MPP=r/p
  • 11. Input Price Increases
  • 12. Output Price Change

2.1.

TVP, AVP, MVP

– Xiaoli Fan

2.2.

–

2.3.

–

2.4.

–

2.5.

–

2.6.

–

2.7.

–

2.8.

–

2.9.

–

2.10.

–

2.11.

–

2.12.

–

3.

Economic Aspect of Production: Output Perspective

  • 1. TR,AR,MR
  • 2. Geometry of cost curves
  • 3. Geometry of AVC, MC
  • 4. Geometry of TPP vs. VC
  • 5. Example: TC, VC
  • 6. Example: Profit, AVC, MC

3.1.

TR,AR,MR

TR,AR,MR
– Xiaoli Fan

3.2.

–

3.3.

–

3.4.

–

3.5.

–

3.6.

–

4.

Technical Aspect of Production: Multiple Inputs

  • 1. Isoquant: Example
  • 2. CRS
  • 3. DRS
  • 4. IRS
  • 5. RTS-3D Illustration
  • 6. Isoquant Patterns-Imperfect Substitution
  • 7. Isoquants: No Substitution
  • 8. Isoquant: Perfect Substitution
  • 9. Isoquants-Homogeneous
  • 10. RTS: Homogeneous Functions
  • 11. Cobb-Douglas Function Surface
  • 12. Cobb-Douglas: Isoquants

4.1.

Isoquant: Example

Isoquant: Example
– Xiaoli Fan

4.2.

–

4.3.

–

4.4.

–

4.5.

–

4.6.

–

4.7.

–

4.8.

–

4.9.

–

4.10.

–

4.11.

–

4.12.

–

5.

Economic Aspect of Production: Multiple Inputs

  • 1. Isocost curve
  • 2. Cost Minimization-Cobb Douglas
  • 3. Expansion Path-Cobb Douglas
  • 4. Input Demand Function-CD
  • 5. Input Demand-CD-1 Input
  • 6. Output Max vs. Cost Min 1
  • 7. Output Max vs. Cost Min 2
  • 8. Conditional Input Demand-CD
  • 9. Output Supply - Blank
  • 10. Output Supply - Short Run
  • 11. Output Supply - Long Run
  • 12. Output Supply - Cobb Douglas - Short Run
  • 13. Output Supply - Cobb Douglas - Long Run

5.1.

Isocost curve

– Xiaoli Fan

5.2.

–

5.3.

–

5.4.

–

5.5.

–

5.6.

–

5.7.

–

5.8.

–

5.9.

–

5.10.

–

5.11.

–

5.12.

–

5.13.

–

6.

Multiple Outputs Production


    This chapter does not contain any resources yet.

7.

Labs

  • 1. Global max
  • 2. 3D Production Function

7.1.

Global max

Global max
– Xiaoli Fan

7.2.

–

Information