Production Theory

Read the full Week 5 chapter covering production functions, total and marginal product, isoquants, MRTS, and returns to scale - including all derivations and key diagrams from lecture.

Download the clean or annotated slide deck and watch the nine asynchronous lecture videos covering production functions, total and marginal product, isoquants, MRTS, and returns to scale.

Ten interactive tools: the TP/MP dual-panel animator, isoquant explorer, MRTS live calculator, a diminishing MP vs returns-to-scale buster, the isoquant spacer, an input-substitution diagram, the consumer-production analogy, a Cobb-Douglas lab, the bakery simulator, and the isoquant shape quiz.

Submit your graded problem set for Week 5 on Brightspace. Complete and submit before the deadline to receive full credit.

20 cards covering production function definitions, TP/MP relationships, isoquant types and properties, MRTS, diminishing MP vs returns to scale (the classic mistake), and the consumer-production analogy.