ECON 4001.01 Lecture Notes - Lecture 19: Itz, Xz, Extensible Resource Identifier
11 Nov 2020
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Document Summary
Factorsofproduction inputs to production capitalgoods inputs that are producedgoody e g tractors buildings computers. Describingtechnologicalconstraints production set a list of all feasiblecombinationsof inputsgiventechnologicalconditions is09want ofinputs i the set of all possiblecombo. Examplesoftechnologylproctionfunction i fixing y min f x i xu i aperfectcomplements in consumer theory1 men. 2 pefeetsub. sn ter y x t x s. 3 cobb d m y a x yes a pi g no fl blue. 1 monotonicity ydoesn"tfail when 4 no drops ya. C mu i n consumer theory y tcx x. T s m lmrs i n ct measuresthetradeoffb w two inputs in production. Mp dx t mpz uxs 0: yx mpi o x. Diminishingtt the ratio of themarginal products slopeofisoguent changes as we reduce the amount of the otherfactor to stay on the same is09want. Y fcxi xr i t 7 i t 2 f tx t x. 1 constant returns to scale c c rs x x l.
