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Lec 5: Production Theory
Description
MIT 14.01 Principles of Microeconomics, Fall 2023
Instructor: Prof. Jonathan Gruber
View the complete course: https://ocw.mit.edu/14-01F23
YouTube Playlist: https://www.youtube.com/playlist?list=PLUl4u3cNGP60V7HxLYRaJMbFzP77bzEjb
*Note: video revised to show the proper figure discussing isoquants at 24:55 (Figure 5.3)*
In this lecture, Prof. Gruber talks about the production function, short-run production, long-run production, returns to scale, and productivity. Keywords: productivity, short run, long run, returns to scale, production function
License: Creative Commons BY-NC-SA
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