chapter 6 cost and choice. copyright © 2001 addison wesley longmanslide 6- 2 figure 6.1 a...
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![Page 1: Chapter 6 Cost and Choice. Copyright © 2001 Addison Wesley LongmanSlide 6- 2 Figure 6.1 A Simplified Jam-Making Technology](https://reader034.vdocuments.net/reader034/viewer/2022052618/55147180550346b0158b5097/html5/thumbnails/1.jpg)
Chapter 6
Cost and Choice
![Page 2: Chapter 6 Cost and Choice. Copyright © 2001 Addison Wesley LongmanSlide 6- 2 Figure 6.1 A Simplified Jam-Making Technology](https://reader034.vdocuments.net/reader034/viewer/2022052618/55147180550346b0158b5097/html5/thumbnails/2.jpg)
Copyright © 2001 Addison Wesley Longman
Slide 6- 2
Figure 6.1 A Simplified Jam-Making Technology
![Page 3: Chapter 6 Cost and Choice. Copyright © 2001 Addison Wesley LongmanSlide 6- 2 Figure 6.1 A Simplified Jam-Making Technology](https://reader034.vdocuments.net/reader034/viewer/2022052618/55147180550346b0158b5097/html5/thumbnails/3.jpg)
Copyright © 2001 Addison Wesley Longman
Slide 6- 3
Figure 6.2 The Cost Function for Our Simplified Jam-Making Technology
![Page 4: Chapter 6 Cost and Choice. Copyright © 2001 Addison Wesley LongmanSlide 6- 2 Figure 6.1 A Simplified Jam-Making Technology](https://reader034.vdocuments.net/reader034/viewer/2022052618/55147180550346b0158b5097/html5/thumbnails/4.jpg)
Copyright © 2001 Addison Wesley Longman
Slide 6- 4
Figure 6.3 The Jam-Making Technology
![Page 5: Chapter 6 Cost and Choice. Copyright © 2001 Addison Wesley LongmanSlide 6- 2 Figure 6.1 A Simplified Jam-Making Technology](https://reader034.vdocuments.net/reader034/viewer/2022052618/55147180550346b0158b5097/html5/thumbnails/5.jpg)
Copyright © 2001 Addison Wesley Longman
Slide 6- 5
Figure 6.4 Isocost Curves and the Optimal Combination of Inputs
![Page 6: Chapter 6 Cost and Choice. Copyright © 2001 Addison Wesley LongmanSlide 6- 2 Figure 6.1 A Simplified Jam-Making Technology](https://reader034.vdocuments.net/reader034/viewer/2022052618/55147180550346b0158b5097/html5/thumbnails/6.jpg)
Copyright © 2001 Addison Wesley Longman
Slide 6- 6
Figure 6.5 Isocosts and Isoquants
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Copyright © 2001 Addison Wesley Longman
Slide 6- 7
Figure 6.6 A Long-Run Cost Function
![Page 8: Chapter 6 Cost and Choice. Copyright © 2001 Addison Wesley LongmanSlide 6- 2 Figure 6.1 A Simplified Jam-Making Technology](https://reader034.vdocuments.net/reader034/viewer/2022052618/55147180550346b0158b5097/html5/thumbnails/8.jpg)
Copyright © 2001 Addison Wesley Longman
Slide 6- 8
Figure 6.7 The Optimal Combination of Inputs in the Short Run
![Page 9: Chapter 6 Cost and Choice. Copyright © 2001 Addison Wesley LongmanSlide 6- 2 Figure 6.1 A Simplified Jam-Making Technology](https://reader034.vdocuments.net/reader034/viewer/2022052618/55147180550346b0158b5097/html5/thumbnails/9.jpg)
Copyright © 2001 Addison Wesley Longman
Slide 6- 9
Figure 6.8 The Leontief Production Function
![Page 10: Chapter 6 Cost and Choice. Copyright © 2001 Addison Wesley LongmanSlide 6- 2 Figure 6.1 A Simplified Jam-Making Technology](https://reader034.vdocuments.net/reader034/viewer/2022052618/55147180550346b0158b5097/html5/thumbnails/10.jpg)
Copyright © 2001 Addison Wesley Longman
Slide 6- 10
Figure 6.9 Optimal Input Combinations in the Leontief Technology
![Page 11: Chapter 6 Cost and Choice. Copyright © 2001 Addison Wesley LongmanSlide 6- 2 Figure 6.1 A Simplified Jam-Making Technology](https://reader034.vdocuments.net/reader034/viewer/2022052618/55147180550346b0158b5097/html5/thumbnails/11.jpg)
Copyright © 2001 Addison Wesley Longman
Slide 6- 11
Figure 6.10 A Cost Function Associated with the Leontief Technology
![Page 12: Chapter 6 Cost and Choice. Copyright © 2001 Addison Wesley LongmanSlide 6- 2 Figure 6.1 A Simplified Jam-Making Technology](https://reader034.vdocuments.net/reader034/viewer/2022052618/55147180550346b0158b5097/html5/thumbnails/12.jpg)
Copyright © 2001 Addison Wesley Longman
Slide 6- 12
Figure 6.11 Isoquants Associated with the Cobb-Douglas Technology
![Page 13: Chapter 6 Cost and Choice. Copyright © 2001 Addison Wesley LongmanSlide 6- 2 Figure 6.1 A Simplified Jam-Making Technology](https://reader034.vdocuments.net/reader034/viewer/2022052618/55147180550346b0158b5097/html5/thumbnails/13.jpg)
Copyright © 2001 Addison Wesley Longman
Slide 6- 13
Figure 6.12 Cobb-Douglas Production Function
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Copyright © 2001 Addison Wesley Longman
Slide 6- 14
Figure 6.13 The Elasticity of Substitution
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Copyright © 2001 Addison Wesley Longman
Slide 6- 15
Figure 6.14(a) Long- and Short-Run Production Functions
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Copyright © 2001 Addison Wesley Longman
Slide 6- 16
Figure 6.14(b) Long- and Short-Run Production Functions
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Copyright © 2001 Addison Wesley Longman
Slide 6- 17
Figure 6.15(a) Short-Run Cost Function
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Copyright © 2001 Addison Wesley Longman
Slide 6- 18
Figure 6.15(b) Short-Run Cost Function
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Copyright © 2001 Addison Wesley Longman
Slide 6- 19
Figure 6.16 Some Short-Run Average Cost Curves
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Copyright © 2001 Addison Wesley Longman
Slide 6- 20
Figure 6.17 Short-Run Total Cost Functions and a Long-Run Total Cost Function
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Copyright © 2001 Addison Wesley Longman
Slide 6- 21
Figure 6.18 The Long-Run and Average Cost Curve
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Copyright © 2001 Addison Wesley Longman
Slide 6- 22
Figure 6.19 Long-Run and Short-Run Cost Functions
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Copyright © 2001 Addison Wesley Longman
Slide 6- 23
Figure 6.20 The Relationship between Long-Run and Short-Run Marginal Cost Functions
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Copyright © 2001 Addison Wesley Longman
Slide 6- 24
Figure 6.21 Long-Run and Short-Run Marginal Costs