Chapter 5

Production and
Cost Analysis
in the Short
Run

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 chapter 5
Production and Cost Analysis in the Short Run

EQUATION 5.1 The Production Function

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 chapter 5
Production and Cost Analysis in the Short Run

EQUATION 5.2 Model of a Short-Run Production Function

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 chapter 5
Production and Cost Analysis in the Short Run

EQUATION 5.3 Average Product and Marginal Product

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 chapter 5
Production and Cost Analysis in the Short Run

EQUATION 5.4 Average Product and Marginal Product

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 chapter 5
Production and Cost Analysis in the Short Run

TABLE 5.1 A Simple Production Functiona

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 chapter 5
Production and Cost Analysis in the Short Run

FIGURE 5.1 The Short-Run Production Function

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 chapter 5
Production and Cost Analysis in the Short Run

TABLE 5.2 Relationships Among Total Product (TP), Average Product (AP),and Marginal Product (MP) in
Figures 5.1a and 5.1b

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 chapter 5
Production and Cost Analysis in the Short Run

TABLE 5.3 Short-Run Cost Functions (Based on the production function in Equation 5.2 and input prices
PL and PK)

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 chapter 5
Production and Cost Analysis in the Short Run

TABLE 5.4 Short-Run Cost Functions (Based on the production function from Table 5.1 and input prices
PK = $50 and PL = $100)

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 chapter 5
Production and Cost Analysis in the Short Run

FIGURE 5.2 Short-Run Cost Functions

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 chapter 5
Production and Cost Analysis in the Short Run

TABLE 5.5 Short-Run Production and Cost Functions

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 chapter 5
Production and Cost Analysis in the Short Run

FIGURE 5.3 The Relationship Between Short-Run Production and Cost

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 chapter 5
Production and Cost Analysis in the Short Run

FIGURE 5.4 Alternative Short-Run Production and Cost Functions

© 2014 Pearson Education, Inc.