Structure Describing technologies O Production set or technology set ● Production function ● Isoquant ◆ Marginal product ◆ Returns to scale e Technical rate of substitution e Well-behaved technologies Long run and short runStructure ◆ Describing technologies ⚫Production set or technology set ⚫Production function ⚫Isoquant ◆ Marginal product ◆ Returns to scale ◆ Technical rate of substitution ◆ Well-behaved technologies ◆ Long run and short run