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.
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