Chapter 12: Production with Multiple Inputs

Static Graphics

Each graphic opens in a new browser window.

(Working Versions)

Profit Maximization in the 1 Input and 2 Input Model

Deriving 2-Dimensional Level Curves from a 3-Dimensional Picture of "Mount Nechyba"

Graph still in production; will be updated

Deriving 2-Dimensional Isoquants from a 3-Dimensional Production Frontier

Relatively More or Less Substitutability of Capital for Labor

Convex (a) and Non-Convex (b) Producer Choice Sets

Homothetic Isoquant Maps can represent Increasing, Constant or Decreasing Returns to Scale Production Processes

Finding the Cheapest Way of Producing Different Units of Output

Cost Curves of "Typical" Production Processes

MC and AC under Increasing Returns to Scale Production

Quasiconcave functions can be Concave (a) but don't have to be (b)

Increasing Returns to Scale with (a) Diminishing MP and (b) Increasing MP

Inverse of (a) x(p,20,10), (b) l(5,w,10) and (c) k(5,20,r) when f(l,k)=20l^2/5k^2/5

"Duality" of Profit Maximization and Cost Minimization

Convexity (in Output Price) of the Profit Function and Hotelling's Lemma

Convexity (in Input Prices) of the Profit Function and Hotelling's Lemma