Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed.
PART 5 Firm Behavior and the Organization of Industry
Chapter 13 of 36 The Costs of Production
Section 7 of 20
…
Figure 2 - Caroline's Production Function and Total-Cost Curve
Panel (a) production function in shows the relationship between
· the number of workers hired
· the quantity of output produced
The number of workers hired, on the horizontal axis, is from Table 1 column 1
The quantity of output produced, on the vertical axis, is from column 2.
The panel (a) production function gets flatter as the number of workers increases because of diminishing marginal product.
…
Panel (b) total-cost curve shows the relationship between
· the quantity of output produced
· total cost of production
The quantity of output produced, on the horizontal axis, is from column 2.
The total cost, on the vertical axis, is from column 6.
The panel (b) total-cost curve gets steeper as the quantity of output increases
because of diminishing marginal product.
… …
diminishing marginal product
genkai seisan ryoku teigen
限界生産力逓減

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