Lecture Managerial economics (8e): Chapter 5 - Samuelson, Marks
Lecture Managerial economics (8e): Chapter 5 - Samuelson, Marks
Chapter 5 - Production. We open this chapter by examining the production function, a quantitative summary of the firm’s production possibilities. Next, we look closely at production in the short run and examine the impact on output of changing a single input. Then we consider production in the long run, when the firm has the flexibility to vary the amounts of all inputs.