(4th , Allocation of One Variable Input: Chapter 3 in Doll P. B-1 5th and Economic efficiency ,profit John and Orazem 6th maximization ,the optimum Frank, 1978 , week) amount of Production Economics , to use ,the optimum amount of output to produce . Short-run equilibrium ,long-run equilibrium ,maximum profit versus Maximum yield, derive demand for input , opportunity cost and . profit First Midterm Exam 23/10/2013 6th wk (7, Production with Two or More Variable Chapter 4 in Doll P. B-1 and B-2 8, 9 , Inputs: John and Orazem and 10 wk) Production function for two Frank, 1978 , variable inputs , marginal rate Production Economics , of input substitution. Relation between inputs ,elasticity of factor substitution ,iso-cost line ,least cost criterion ,iso-cline ,expansion path ,profit maximization . Alternative production functions Substitution and expansion effect. Derived demand for inputs. Minimizing cost and profit maximization. General criteria for two or more inputs. Production of Two or More Products: Chapter 5 in Doll P. B-1 and B-2 (11, 12 and 13 Production possibility curve , John and Orazem wk) relation among products Frank, 1978 , ,maximum Production Economics , Revenue combination of outputs. Marginal criterion for resource allocation ,derivation of production possibility curve ,intermediate and final products , one input-several Products, two inputs-two outputs. Constrained optimization Second Midterm Exam 4/12/2013 13 wk (14 Economics of Size: Chapter 7 in Doll P. B-1 , B-2 and C-2 week) Production in the long-run John and Orazem Homogeneity in production Frank, 1978 , economics. Production Economics , Return to scale. Equilibrium in the long-run
(4th , 5th and 6th week) Allocation of One Variable Input: Economic efficiency ,profit maximization ,the optimum amount of to use ,the optimum amount of output to produce . Short-run equilibrium ,long-run equilibrium ,maximum profit versus Maximum yield, derive demand for input , opportunity cost and profit . Chapter 3 in Doll P. John and Orazem Frank, 1978 , Production Economics , B-1 6th wk First Midterm Exam 23/10/2013 (7, 8, 9 , and 10 wk) Production with Two or More Variable Inputs: Production function for two variable inputs , marginal rate of input substitution. Relation between inputs ,elasticity of factor substitution ,iso-cost line ,least cost criterion ,iso-cline ,expansion path ,profit maximization . Alternative production functions Substitution and expansion effect. Derived demand for inputs. Minimizing cost and profit maximization. General criteria for two or more inputs. Chapter 4 in Doll P. John and Orazem Frank, 1978 , Production Economics , B-1 and B-2 (11, 12 and 13 wk) Production of Two or More Products: Production possibility curve , relation among products ,maximum Revenue combination of outputs. Marginal criterion for resource allocation ,derivation of production possibility curve ,intermediate and final products , one input-several Products, two inputs-two outputs. Constrained optimization Chapter 5 in Doll P. John and Orazem Frank, 1978 , Production Economics , B-1 and B-2 13 wk Second Midterm Exam 4/12/2013 (14 week) Economics of Size: Production in the long-run Homogeneity in production economics. Return to scale. Equilibrium in the long-run Chapter 7 in Doll P. John and Orazem Frank, 1978 , Production Economics , B-1 , B-2 and C-2
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