ECSENOMICS Chapter 6 Production and business Organization McGraw-Hilllrwin CopyrightC 2001 The McGraw-Hill Companies, Inc. All rights reserved
McGraw-Hill/Irwin Copyright © 2001 The McGraw-Hill Companies, Inc. All rights reserved. Chapter 6 Production and Business Organization
ECSENOMICS Marginal Product Is Derived from Total Product 1-49 Figure 6-1 (a) Total Product (b) Marginal Product 4.000 MP 3.000 3,000 00 =1.000 3 Labor Labor McGraw-Hilllrwin CopyrightC 2001 The McGraw-Hill Companies, Inc. All rights reserved
McGraw-Hill/Irwin Copyright © 2001 The McGraw-Hill Companies, Inc. All rights reserved. T-49 Figure 6-1 Marginal Product Is Derived from Total Product
ECSENOMICS Diminishing returns in Corn Production 1-50 Figure 6-2 150 200 300 Phosphorus fertilizer input (pounds per acre) McGraw-Hilllrwin Source: Earl O. Heady, John T. Pesek, and william G. Brown, Crop Response Surfaces and Economic Optima in Fertilizer Use Agricultural Experiment Station, lowa State College, Ames, IA 1955), Table A-15
McGraw-Hill/Irwin Copyright © 2001 The McGraw-Hill Companies, Inc. All rights reserved. Diminishing Returns in Corn Production T-50 Figure 6-2 Source: Earl O. Heady, John T. Pesek, and William G. Brown, Crop Response Surfaces and Economic Optima in Fertilizer Use (Agricultural Experiment Station, Iowa State College, Ames, IA 1955), Table A-15
ECSENOMICS Technological Change Shifts Production Function Upward 1-51 Figure 6-3 8.000 2005 Technology 7.000 6.000 5,000 一一---- 1995 Technology 4,000 3,000 2,000 1,000 Input McGraw-Hilllrwin CopyrightC 2001 The McGraw-Hill Companies, Inc. All rights reserved
McGraw-Hill/Irwin Copyright © 2001 The McGraw-Hill Companies, Inc. All rights reserved. Technological Change Shifts Production Function Upward T-51 Figure 6-3
ECSENOMICS Value of Networking" Increases as Membership Increases T-52 Figure 6-4 Adam Network Hub Ed McGraw-Hilllrwin CopyrightC 2001 The McGraw-Hill Companies, Inc. All rights reserved
McGraw-Hill/Irwin Copyright © 2001 The McGraw-Hill Companies, Inc. All rights reserved. Value of “Networking” Increases as Membership Increases T-52 Figure 6-4