Scribd Logo
Upload

Welcome to Scribd!

  • Hometask 1

    Uploaded by

    Stepan Rychkov
    10 views1 page
    The document discusses key concepts relating to production functions including defining a company's production function, showing different isoquant types and their features, conditions for expanding production, the relationship between production functions and technical progress, how variable factors of production behave at increasing levels of output, a target function for an employee-owned company, extensive and intensive limits on fixed resources, describing a technically effective solution area, constructing graphs of short-run costs with indivisible resources, and conditions for a firm producing an optimal quantity of output.

    Original Description:

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    The document discusses key concepts relating to production functions including defining a company's production function, showing different isoquant types and their features, conditions for expanding production, the relationship between production functions and technical progress, how variable factors of production behave at increasing levels of output, a target function for an employee-owned company, extensive and intensive limits on fixed resources, describing a technically effective solution area, constructing graphs of short-run costs with indivisible resources, and conditions for a firm producing an optimal quantity of output.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    10 views1 page

    Hometask 1

    Uploaded by

    Stepan Rychkov
    The document discusses key concepts relating to production functions including defining a company's production function, showing different isoquant types and their features, conditions for expanding production, the relationship between production functions and technical progress, how variable factors of production behave at increasing levels of output, a target function for an employee-owned company, extensive and intensive limits on fixed resources, describing a technically effective solution area, constructing graphs of short-run costs with indivisible resources, and conditions for a firm producing an optimal quantity of output.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 1

    1.

    Define the company's production function (analytically)

    2. Show the main types of isoquants on the graph, specify their distinctive features

    3. List the conditions for expanding production: Return on scale and Long-Run

    4. How are production function and technical progress related?

    5. How does the variable factor of production behave with increasing Q? MP? TP? AP? Can a zone
    of constant return from a variable resource appear? How does it look graphically?

    6. Imagine that the company is owned by employees. What is the target function of such an
    enterprise? Why? Show on the graph.

    7. What are the extensive and intensive limits of using a fixed amount of a permanent resource?

    8. Describe a technically effective solution area for an entrepreneur in the long term.

    9. Is it possible to construct a graph of short-run costs with non-heterogeneity and divisibility of the
    resource?

    10. Define the conditions for the firm producing the optimal volume of product? Is it possible to fulfill
    them with positive transaction costs?

    You might also like