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w1 / w2 (2)In the above example y = ax1 + bx2 |TRS

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(1)

In this example y = ax1 + bx2 |TRS| = a/b > w1 / w2

(2)

In the above example y = ax1 + bx2 |TRS| = a/b < w1 / w2 X'

The above example is commented in the next slide

(3)

< w1 / w2 X* is optimum cost-minimising, because x1 = 0

< w1 / w2, X' is not optimum because x1 > 0

(4)

COST FUNCTION C(y)

(y)

CONSTANT RETURNS TO SCALE

(5)
(6)
(7)

= w1 (1 / MP1)

(8)
(9)
(10)

= C(y) / y

= (w1 x1) / y

AVERAGE FIXED COST F / y

AFC = F / y

THE short-run MC(y) CURVE INTERSECTS THE AVC CURVE AND THE SAC CURVE AT THEIR MINIMUM

(11)

IN THIS RANGE RETURNS TO SCALE ARE DECREASING LAC decreasing function of y LAC increasing function of y

ACmin

ACmin = minimum average cost

(12)

in the range 0 < y < y2:

INCREASING RETURNS TO SCALE in the range y > y2:

CONSTANT RETURNS TO SCALE (LONG-RUN)

AC (long-run)

Riferimenti

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