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Lecture 5

ECON 1BB3 Lecture Notes - Lecture 5: Accounting Software, Marginal Product, Production Function


Department
Economics
Course Code
ECON 1BB3
Professor
Bridget O' Shaughnessy
Lecture
5

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Why are Norwegians better off than Ethiopians?

Productivity
 
 
o 
o!  " #$%
o& ' #' 
o   
Production function
 ('
)*+,-".#/#!#&%
)*
+* 
.* 
/* '
!*
&* 
01  2
+Understanding how to use a company’s accounting software
34'constant returns of scale#'   ' 
5
6)*+,-"6.#6/#6!#6&%
)*+,-".#/#!#&%
4)*+,-"4.#4/#4!#4&%
)/*+,-"./##!/#&/%
Diminishing marginal product
Product:
Marginal product:4''
Diminishing marginal product: 4'7 ' 
4'8 '
Catch-up effect
 
& #'
Y/L
x-axis:   
y-axis: 
3   
 
 
  # '
9  
5
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