Chapter 13: Production Decisions in the Short and Long Run

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Short Run Expenditure and Cost Curves

Short Run Expenditure and Long Run Cost Curves

"Shut Down" versus "Exit" Price

Output Supply in the Short Run

Long Run Output Supply with Fixed Cost

Three Types of Cost Change

Short Run versus Long Run Supply Curves

Costs and Input Substitution Effects

Changes in Input Prices and New Profit Maximizing Input Bundles

Short and Long Run Input Demand Responses when w Increases

Long Run Input Demand Responses when r Increases

Input Demand Responses when p Increases

Technological Change that Raises MP_l and MP_k Proportionately

LR Cost and SR Expense Curves when f ( l , k ) = 20 l ^2/5k^2/5 and k^A = 256

Graph of g (p) = p ( p , w^A , r^A ) - p_k^A ( p , w^A , r^A )

Change in Cost Curves as w falls when f ( l , k ) = 20 l ^2/5k^2/5

Profit Maximization with (a) b = 0.5 and (b) b = 1.1