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Lecture 18

ECON 1000 Lecture 18: Week 10

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Department
Economics
Course
ECON 1000
Professor
Nick Rowe
Semester
Fall

Description
Econ 1000 – Week 10 – Lecture 18  Costs of supply:  Supply is all based around the costs of supply  Costs are based on the production of apples  Need resources to produce  Costs depend on relationship of inputs and outputs for products  Production function: mathematical relationship for outputs and inputs o Q (quantity of apples produced) – L (Labour) N (Natural resouces) o F means “depends on” o Q = F (L,N)  “Short Run” production function, in short run you can vary labour and land  In long run, you can vary labour, land and products  Average product of labour is : Q / L  Marginal Product of Labour is: Change in Q / Change in Labour  Slopes of the entire production is the average production of labour, slopes of a given point is the marginal production of labour  Malthusian –  Marginal product of labour diminishes as number of workers increases, because your workplace can get over crowded or there isn’t enough work.  Short run production
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