Factors that influence elasticity and how
Production Theory (Theory of the Firm)
Determinants of Prodct'n
Short & Long Run
Prodct'n fctn
Returns to scale
Graphically:
Expansion path
TP, MP, AP,
Optimal mix of inputs (based on relative prices, graph)
Conditional Factor Demands (mathematically)
Costs: (def'ns, graphs, and mathematical fct'n)
LRTC, LRMC, LRAC
SRTC, SRMC, SRAC
FC, VC,
Implicit / Explicit Costs
Cost min in SR and LR (Mathematically / Graphically)