Chapter Six at Hamburg School Of Business Administration | Flashcards & Summaries

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# Lernmaterialien für Chapter Six an der Hamburg School of Business Administration

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Isoquants

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Curve showing all possible combinations of inputs that yield the same output.

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Fixed input

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Production factor that cannot be varied.

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Labor Productivity

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Average product of labor for an entire industry or for the economy as a whole.

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Stock of Capital

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Total amount of capital available for use in production.

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Average Product

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Output per unit of a particular input

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Effect of Technological Improvement

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• labor productivity (output per unit of labor) can increase if there are improvements ins technology
• even though any given production process exhibits diminishing returns to labor
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Decreasing returns to scale

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Situation in which output less than doubles when all inputs are doubled.

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Theory of the firm

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Explanation of how a firm makes cost-minimizing production decisions and how its cost varies its output.

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Factors of Production

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Inputs into the production process

• labor
• skilled workers, unskilled workers, manager
• materials
• steal, plastics, water etc.
• capital
• land, buildings, machinery etc.
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Short Run

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Period of time in which quantities of one or more production factors cannot be changed.

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The Production Decisions of a firm

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1. Production Technology

• How inputs (labor,capital, raw materials) can be transformed into outputs

2. Cost Constraints

• How factor prices for labor, capital, raw materials used in production to affect the cost of production

3. Input Choices

• Given its production technology and the prices of inputs the firm must choose how much of each input to use in producing output
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Long Run

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Amount of time needed to make all production inputs variable.

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Q:

Isoquants

A:

Curve showing all possible combinations of inputs that yield the same output.

Q:

Fixed input

A:

Production factor that cannot be varied.

Q:

Labor Productivity

A:

Average product of labor for an entire industry or for the economy as a whole.

Q:

Stock of Capital

A:

Total amount of capital available for use in production.

Q:

Average Product

A:

Output per unit of a particular input

Q:

Effect of Technological Improvement

A:
• labor productivity (output per unit of labor) can increase if there are improvements ins technology
• even though any given production process exhibits diminishing returns to labor
Q:

Decreasing returns to scale

A:

Situation in which output less than doubles when all inputs are doubled.

Q:

Theory of the firm

A:

Explanation of how a firm makes cost-minimizing production decisions and how its cost varies its output.

Q:

Factors of Production

A:

Inputs into the production process

• labor
• skilled workers, unskilled workers, manager
• materials
• steal, plastics, water etc.
• capital
• land, buildings, machinery etc.
Q:

Short Run

A:

Period of time in which quantities of one or more production factors cannot be changed.

Q:

The Production Decisions of a firm

A:

1. Production Technology

• How inputs (labor,capital, raw materials) can be transformed into outputs

2. Cost Constraints

• How factor prices for labor, capital, raw materials used in production to affect the cost of production

3. Input Choices

• Given its production technology and the prices of inputs the firm must choose how much of each input to use in producing output
Q:

Long Run

A:

Amount of time needed to make all production inputs variable.

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