Intermediate Microeconomics · free preview

The Marginal Product Curve and the Short Run

In the short run one input is fixed, output runs through the variable input with diminishing marginal product, the total product curve flattening and the marginal product curve falling, the geometry behind short-run costs.

1. One variable input

One variable input

2. Average and marginal

Average and marginal

3. Why the short run hurts

Why the short run hurts

4. Applications and beyond

Applications and beyond

5. The short-run slice

Input 2 is frozen at 9 in f equal to x1 to the one half x2 to the one half. What is short-run output as a function of x1?

6. Marginal product's path

For that slice, how does marginal product behave as x1 grows?

7. The marginal-average rule

In the short-run product schedule, when exactly is average product rising?

8. Fixed versus variable

What distinguishes a fixed input from a variable one?

9. The slice's marginal product

For g equal to 3 root x1, compute the marginal product at x1 equal to 4, and write the number.

10. Output at the doubled variable input

For the same slice, compute output at x1 equal to 8, and write the number to two decimals.

11. The first unit's margin

For g equal to 3 root x1, what are output and marginal product at x1 equal to 1?

12. The margin at nine

For g equal to 3 root x1, what is the marginal product at x1 equal to 9, and how does it compare with average product?

13. A thin margin far out

What is the marginal product at x1 equal to 25 for this same slice?

14. Short-run versus long-run doubling

Doubling x1 from 4 to 8 with x2 frozen at 9 raises output from 6 to about 8.49. What would doubling both inputs achieve?

15. Margin at the first unit

For g equal to 3 root x1, compute the marginal product at x1 equal to 1, and write the number.

16. Margin far out

For g equal to 3 root x1, compute the marginal product at x1 equal to 25, and write the number as a decimal.

Practice this interactively

Free account · instant grading · spaced review that schedules itself.

Start this course for free