平狄克微观经济学笔记 .docx
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1、平狄克微观经济学笔记 Chapter 6: Production CHAPTER 6 PRODUCTION TEACHING NOTES Chapter 6 is the first of the three chapters that present the basic theory of supply. It may be beneficial to first review, or summarize, the derivation of demand and present an overview of the theory of competitive supply. The rev
2、iew can be beneficial given the similarities between the theory of demand and the theory of supply. Students often find that the theory of supply is easier to understand because it is less abstract, and the concepts are more familiar. This in turn can improve the students understanding of the theory
3、 of demand when they go back and review it again. In this chapter it is important to take the time to carefully go through the definitions, as this will be the foundation for what is done in the next two chapters. While the concept of a production function is not difficult, the mathematical and grap
4、hical representation can sometimes be confusing. It helps to take the time to do as many examples as you have time for. When describing and graphing the production function with output on the vertical axis and one input on the horizontal axis, point out that the production function is the equation f
5、or the boundary of the production set, and hence defines the highest level of output for any given level of inputs. Technical efficiency is assumed throughout the discussion of the theory of supply. At any time you can introduce a discussion of the importance of improving productivity and the concep
6、t of learning by doing. Examples 1 and 2 in the text are also good for discussion. Graphing the production function leads naturally to a discussion of marginal product and diminishing returns. Emphasize that diminishing returns exist because some factors are fixed by definition, and that diminishing
7、 returns does not mean negative returns. If you have not discussed marginal utility, now is the time to make sure that the student knows the difference between average and marginal. An example that captures students attention is the relationship between average and marginal test scores. If their lat
8、est mid-term grade is greater than their average grade to date, this will increase their average. Isoquants are defined and discussed in section 6.3 of the chapter. Rely on the students understanding of indifference curves when discussing isoquants, and point out that as with indifference curves, is
9、oquants are a two-dimensional representation of a three-dimensional production function. Key concepts in this section of the chapter are the marginal rate of technical substitution and returns to scale. Do as many concrete examples as you have time for to help explain these two important concepts. E
10、xamples 6.3 and 6.4 help to give concrete meaning to MRTS and returns to scale. Section 6.4 discusses returns to scale. QUESTIONS FOR REVIEW 1. What is a production function? How does a long-run production function differ from a short-run production function? A production function represents how inp
11、uts are transformed into outputs by a firm. We focus on the firm with one output and aggregate all inputs or factors of production into one of several categories, such as labor, capital, and materials. In the short run, one or more factors of production cannot be changed. As time goes by, the firm h
12、as the opportunity to change the levels of all inputs. In the long-run production function, all inputs are variable. 2. Why is the marginal product of labor likely to increase initially in the short run as more of the variable input is hired? The marginal product of labor is likely to increase initi
13、ally because when there are more workers, each is able to specialize on an aspect of the production process in which he or she is particularly skilled. For example, think of the typical fast food restaurant. If there is only one worker, he will need to prepare the burgers, fries, and sodas, as well
14、as take the orders. Only so many customers can be served in an 74 Chapter 6: Production hour. With two or three workers, each is able to specialize and the marginal product (number of customers served per hour) is likely to increase as we move from one to two to three workers. Eventually, there will
15、 be enough workers and there will be no more gains from specialization. At this point, the marginal product will diminish. 3. Why does production eventually experience diminishing marginal returns to labor in the short run? The marginal product of labor will eventually diminish because there will be
16、 at least one fixed factor of production, such as capital. With capital fixed, the workplace will eventually become so congested, that the productivity of additional workers will decline. Also, with capital fixed, as more workers are added, they will need to share the fixed capital, which will event
17、ually cause the marginal product of labor to diminish as the capital is spread across too many workers. Think for example of an office where there are only three computers. As more and more employees must share the computers, the marginal product of each additional employee will diminish. 4. You are
18、 an employer seeking to fill a vacant position on an assembly line. Are you more concerned with the average product of labor or the marginal product of labor for the last person hired? If you observe that your average product is just beginning to decline, should you hire any more workers? What does
19、this situation imply about the marginal product of your last worker hired? In filling a vacant position, you should be concerned with the marginal product of the last worker hired because the marginal product measures the effect on output, or total product, of hiring another worker. This in turn wil
20、l help to determine the revenue generated by hiring another worker, which can then be compared to the cost of hiring another worker. The point at which the average product begins to decline is the point where average product is equal to marginal product. When average product declines, the marginal p
21、roduct of the last worker hired is lower than the average product of previously hired workers. Although adding more workers results in a further decline in average product, total product continues to increase, so it may still be advantageous to hire another worker. 5. What is the difference between
22、a production function and an isoquant? A production function describes the maximum output that can be achieved with any given combination of inputs. An isoquant identifies all of the different combinations of the inputs that can be used to produce one particular level of output. 6. Faced with consta
23、ntly changing conditions, why would a firm ever keep any factors fixed? What criteria determine whether a factor is fixed or variable? Whether a factor is fixed or variable depends on the time horizon in consideration: all factors are fixed in the very short run; all factors are variable in the long
24、 run. As stated in the text: “All fixed inputs in the short run represent outcomes of previous long-run decisions based on firms estimates of what they could profitably produce and sell.” Some factors are fixed in the short run, whether the firm likes it or not, simply because it takes time to adjus
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