Production functions and marginal products- Business Economics
PRODUCER PROBLEMS
1) Production Functions and Marginal Products: How do inputs turn into outputs?
2) Iso-quants/-costs and cost-minimization: What’s the best way to produce a given level of output?
3) Cost Curves and Time: What is the relationship between MC, AC, and AVC and do how those curves change in the short-run and long-run?
4) Profit Maximization: How much should the firm produce, and how to produce it, at given output prices?
5) Supply: How does output respond to changes in output price, at the firm and market levels, in short-run and long?
