Econ 4001.01 1st Edition Lecture 9 Outline of Last Lecture II. Average Product and Marginal ProductIII. Example Using Thomas Malthus’ TheoryIV. Perspectives on Malthus’ TheoryV. Analysis on the Productivity of LaborVI. Factors that Affect Labor ProductivityVII. Production with Two Variables- Adding Capitala. Definition of an IsoquantVIII. Shape of IsoquantsIX. Diminishing Marginal Returns SummaryX. Input SubstitutionXI. Moving along the IsoquantOutline of Current Lecture II. Perfect Substitutes and Complements: IsoquantsIII. Returns to scale: Changes in input efficiencyIV. Review for ExamCurrent Lecture- Perfect Substitutes and Complements: Isoquantso Perfect substitutes isoquants are straight, downward sloping lineso Perfect complements isoquants are L-shaped lines- Returns to Scale: Changes in Input Efficiencyo Constant returns to scale – output increases in direct proportion to increasing use of inputs o Increasing returns to scale – output increases more than proportionately as inputs increaseo Decreasing returns to scale – output increases less than proportionately as inputsincrease- Reminder: Exam on Thursday, February 12o Study guide on GradeBuddyThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a
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