Microeconomics II

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Microeconomics II

Unit II: Theory of Production

Unit – II

Theory of production: Isoquants and isocost lines; marginal rate of technical substitution; producer’s equilibrium; expansion path; elasticity of factor substitution; economies of scale; concept of producer’s surplus; output elasticity; concept of homogeneous production functions; concept and properties of Cobb-Douglas production function.

  1. Introduction to Production 
  2. Isoquants in Production Theory
  3. Iso-cost Lines and the Role of Input Prices
  4. Marginal Rate of Technical Substitution (MRTS)
  5. Producer’s Equilibrium
  6. Expansion path
  7. Elasticity of Substitution (σ)
  8. Economies of Scale
  9. Producer’s Surplus
  10. Output Elasticity
  11. Cobb-Douglas Production Function (1928) and Its Properties









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