Goal: to understand the productivity of factors of production and its influence on the production function
Consider a production system with two variable inputsпроизводства
The number of units of labour
The number of units of capital
MRTSxy = - ∆Y / ∆X
Input factor
of production X (labour)
Input factor
of production Y(capital)
Isoquants
The slope of the curve determines the marginal rate of technical substitution
Amount of capital
Amount of capital
- ∆С /∆L = MRTS LC => MRTS LC = - MPL / МРс
=> The slope of the isoquant indicates not only the rate of technical substitution of labor and capital, but also the ratio of the marginal product of labor and marginal product of capital
Input factor
of production X (labour)
Input factor
of production Y(capital)
TC = L * PL + C * PC
The slope of isocost:
∆С / ∆ L = (- TC / Pc) : (TC / PL) = ( - TC / Pc)* (PL/TC) = - PL / Pc
Isocost is always a tangent to some isoquant: =>
the balance point (the slopes of the isoquant and isocost is equal):
- MPL / МРс = - PL / Pc => MPL / PL = МРс / Pc
The resulting equation for The minimum cost rule
Input factor
of production X (labour)
Input factor
of production Y(capital)
If the price of any input factor of production is increased, then the holder of a specific production should reduce the use of this factor (marginal product will increase), and use large quantities of other factors (their marginal product will decrease) as long as the ratio MP/P will be equal
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