2/2 Totaling Cost
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Ch05.ppsProduction and Cost Analysis in the Short Run
Chapter 5
© 2014 Pearson Education, Inc.
chapter 5 Production and Cost Analysis in the Short Run
© 2014 Pearson Education, Inc.
EQUATION 5.1 The Production Function
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chapter 5 Production and Cost Analysis in the Short Run
© 2014 Pearson Education, Inc.
EQUATION 5.2 Model of a Short-Run Production Function
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chapter 5 Production and Cost Analysis in the Short Run
© 2014 Pearson Education, Inc.
EQUATION 5.3 Average Product and Marginal Product
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chapter 5 Production and Cost Analysis in the Short Run
© 2014 Pearson Education, Inc.
EQUATION 5.4 Average Product and Marginal Product
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chapter 5 Production and Cost Analysis in the Short Run
© 2014 Pearson Education, Inc.
TABLE 5.1 A Simple Production Functiona
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chapter 5 Production and Cost Analysis in the Short Run
© 2014 Pearson Education, Inc.
FIGURE 5.1 The Short-Run Production Function
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chapter 5 Production and Cost Analysis in the Short Run
© 2014 Pearson Education, Inc.
TABLE 5.2 Relationships Among Total Product (TP), Average Product (AP),and Marginal Product (MP) in Figures 5.1a and 5.1b
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chapter 5 Production and Cost Analysis in the Short Run
© 2014 Pearson Education, Inc.
TABLE 5.3 Short-Run Cost Functions (Based on the production function in Equation 5.2 and input prices PL and PK)
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chapter 5 Production and Cost Analysis in the Short Run
© 2014 Pearson Education, Inc.
TABLE 5.4 Short-Run Cost Functions (Based on the production function from Table 5.1 and input prices PK = $50 and PL = $100)
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chapter 5 Production and Cost Analysis in the Short Run
© 2014 Pearson Education, Inc.
FIGURE 5.2 Short-Run Cost Functions
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chapter 5 Production and Cost Analysis in the Short Run
© 2014 Pearson Education, Inc.
TABLE 5.5 Short-Run Production and Cost Functions
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chapter 5 Production and Cost Analysis in the Short Run
© 2014 Pearson Education, Inc.
FIGURE 5.3 The Relationship Between Short-Run Production and Cost
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chapter 5 Production and Cost Analysis in the Short Run
© 2014 Pearson Education, Inc.
FIGURE 5.4 Alternative Short-Run Production and Cost Functions
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