Ch07
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Chapter 7 Production Economics
©2002 South-Western
1
Figure 7.1 Production Function— Deep Creek Mining Company
Chapter 7 PRODUCTION ECONOMICS ©2002 South-Western
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Figure 7.2 Total Product Curve—Deep Creek Mining Company
Chapter 7 PRODUCTION ECONOMICS ©2002 South-Western
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Figure 7.3 Marginal and Average Product—Deep Creek Mining Company
Chapter 7 PRODUCTION ECONOMICS ©2002 South-Western
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Figure 7.4 Relationships Among Total, Average, and Marginal Product Curves
Chapter 7 PRODUCTION ECONOMICS ©2002 South-Western
5
Figure 7.6 Production Isoquant Curve —Deep Creek Mining Company
Chapter 7 PRODUCTION ECONOMICS ©2002 South-Western
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Figure 7.10 Cost Minimization Subject to an Output Constraint
Chapter 7 PRODUCTION ECONOMICS ©2002 South-Western
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Figure 7.11 Output Maximization Subject to a Cost Constraint
Chapter 7 PRODUCTION ECONOMICS ©2002 South-Western
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Figure 7.12 A Fixed Proportions Production Decision— Deep Creek Mining Company
Chapter 7 PRODUCTION ECONOMICS ©2002 South-Western
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Figure 7.13 Prices
Effect of a Change in Input
Chapter 7 PRODUCTION ECONOMICS ©2002 South-Western
10
Figure 7.15 Production Isoquants Exhibiting Increasing, Decreasing, and Constant Returns to Scale
Chapter 7 PRODUCTION ECONOMICS ©2002 South-Western
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Figure 7.B1 Alternative Production Processes As Represented by Process Rays
Chapter 7 PRODUCTION ECONOMICS ©2002 South-Western
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Figure 7.B2
Production Isoquants
Chapter 7 PRODUCTION ECONOMICS ©2002 South-Western
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Figure 7.B3 Solution of OutputMaximization Problem
Chapter 7 PRODUCTION ECONOMICS ©2002 South-Western
14
Figure 7.B4 Solution of ProfitMaximization Problem
Chapter 7 PRODUCTION ECONOMICS ©2002 South-Western
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©2002 South-Western
1
Figure 7.1 Production Function— Deep Creek Mining Company
Chapter 7 PRODUCTION ECONOMICS ©2002 South-Western
2
Figure 7.2 Total Product Curve—Deep Creek Mining Company
Chapter 7 PRODUCTION ECONOMICS ©2002 South-Western
3
Figure 7.3 Marginal and Average Product—Deep Creek Mining Company
Chapter 7 PRODUCTION ECONOMICS ©2002 South-Western
4
Figure 7.4 Relationships Among Total, Average, and Marginal Product Curves
Chapter 7 PRODUCTION ECONOMICS ©2002 South-Western
5
Figure 7.6 Production Isoquant Curve —Deep Creek Mining Company
Chapter 7 PRODUCTION ECONOMICS ©2002 South-Western
6
Figure 7.10 Cost Minimization Subject to an Output Constraint
Chapter 7 PRODUCTION ECONOMICS ©2002 South-Western
7
Figure 7.11 Output Maximization Subject to a Cost Constraint
Chapter 7 PRODUCTION ECONOMICS ©2002 South-Western
8
Figure 7.12 A Fixed Proportions Production Decision— Deep Creek Mining Company
Chapter 7 PRODUCTION ECONOMICS ©2002 South-Western
9
Figure 7.13 Prices
Effect of a Change in Input
Chapter 7 PRODUCTION ECONOMICS ©2002 South-Western
10
Figure 7.15 Production Isoquants Exhibiting Increasing, Decreasing, and Constant Returns to Scale
Chapter 7 PRODUCTION ECONOMICS ©2002 South-Western
11
Figure 7.B1 Alternative Production Processes As Represented by Process Rays
Chapter 7 PRODUCTION ECONOMICS ©2002 South-Western
12
Figure 7.B2
Production Isoquants
Chapter 7 PRODUCTION ECONOMICS ©2002 South-Western
13
Figure 7.B3 Solution of OutputMaximization Problem
Chapter 7 PRODUCTION ECONOMICS ©2002 South-Western
14
Figure 7.B4 Solution of ProfitMaximization Problem
Chapter 7 PRODUCTION ECONOMICS ©2002 South-Western
15
