Theory of the Firm
Technology and Production Functions
Graphs
- Production Function with One Input (Labor)
- Marginal Product of Labor for a One-Input Production Function
- Short-Run Production Function, Holding Capital Constant
- Marginal Product of Labor for Different (Fixed) Levels of Capital
- Marginal Products of Labor and Capital
- Isoquants
- Marginal Rate of Technical Substitution
- Cobb-Douglas Production Function (old)
- Isoquants for a Cobb-Douglas Production Function
- Isoquants for a Leontief Production Function
- Isoquants for a Linear Production Function
- Isoquants for a CES Production Function
- CES Production Function (3D view)
- Elasticity of Substitution and Isoquants
- Returns to Scale with One Input
- Returns to Scale for a Cobb-Douglas Production Function
Cost Minimization and Cost Curves
Graphs
- Production and Cost with One Input
- Isocost Lines
- Firm Cost Minimization
- Cost Minimization Along an Isoquant (Cobb-Douglas)
- Cost Minimization Along an Isoquant (Perfect Substitutes)
- Cost Minimization for Cobb-Douglas (old)
- Cost Minimization and the Tangency Condition (qualitative)
- Cost Minimization and the Tangency Condition (quantitative)
- The Long-Run Expansion Path
- The Short-Run Expansion Path
- Long-Run and Short-Run Expansion Paths
- The Short-Run Expansion Path and the Production Function
- Expansion Paths and Total Costs (quantitative)
- Expansion Paths and Total Costs (with explanation)
- Total Costs (textbook example)
- Total and Average Costs (textbook example)
- Relationship between Average and Marginal Cost (textbook example)
- Total and Unit Costs
- Cost Curves (old)
- The Production Function and the Cost Function
- The Relationship between MPL and MC
Profit Maximization and Supply for a Competitive Firm
Graphs
- Inverse Demand for a Competitive Firm
- Marginal Revenue for a Competitive Firm
- Total and Marginal Revenue for a Competitive Firm
- Profit-Maximizing Output Choice
- Profit-Maximizing Response to Prices
- Profit Maximization with Quadratic MC
- The Shutdown Condition
- Supply and Cost Curves
- Competitive Profit Maximization (old)