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8.1 Firms
What is a firm? It buys inputs and produces the output. What are inputs? Capital, labor and land.
Who buys? Entrepreneur. But, isn’t she an important input? If yes, who buys entrepreneur? If not, why does she create a firm and earn nothing in a competitive market?
What is the goal of a firm? Profit maximization? Why and why not?
8.2 Production function
z Production function is a mapping from an input set to an output set.
y=f(x)
x=(x1,x2,...xn)
It says how many inputs are required to produce a fixed amount of output.
z The production function is continuous, strictly increasing, and strictly quasiconcave, and f(0)=0.
z Isoquant is the input set which can produce fixed level of output y:
I(y)≡{x>0|f(x)=y}
The Isoquant plays the same role as an indifferent curve in consumer theory.
z Several technical terms in producer theory
f(x)
1) MRTSij(x)=
xixj
The substitutability between any pair of inputs xi and xj. Given an Isoquant as follows: f(x)=
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