Intermediate microeconomics

Chapter 6 : Technology

By Lund University

This chapter is based on chapter 19 of Intermediate microeconomics by Hal Varian.

Lectures

Two factors production model and isoquants

Production functions: perfect substitutes, perfect complements and Cobb-Douglas production function

Marginal product

Monotonic and convex technology

Technical rate of substitution

Long run, short run and return to scale

Return to scale for Cobb-Douglas production function