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1 Topic 1 — Firms & Production
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2) What’s the difference between short run and long run in production?
Short run: at least one input is fixed (often capital). Long run: all inputs can be varied. -
3) Marginal Product of Labour (in words)?
The extra output you get from hiring one more worker, holding other inputs fixed. -
5) How do MPL and APL move together?
MPL pulls APL: if MPL > APL, APL rises; if MPL < APL, APL falls; they meet at APL’s peak. -
6) What is Diminishing Marginal Returns (DMR)?
As you add more of a variable input to a fixed input, each extra worker adds less extra output than the previous one. -
7) Why does DMR set in?
Crowding: fixed equipment/space limits how productive extra workers can be. -
8) Isoquant—what is it, intuitively?
A contour line of equal output: different input mixes (L,K) that produce the same quantity. -
9) Why are isoquants downward sloping and convex?
Downward sloping: if you use less of one input, you need more of the other to keep output the same. Convex: inputs aren’t perfect substitutes—trading gets harder the more you do it. -
10) MRTS in plain English?
“How much capital can I give up if I hire one more worker and keep output unchanged?” It falls as you move along the isoquant. -
11) Returns to scale vs DMR—what’s the clean difference?
DMR: vary one input with another fixed (short run). Returns to scale: scale all inputs together (long run). -
12) How do we spot returns to scale quickly in Cobb–Douglas?
If exponents add to 1 → constant; more than 1 → increasing; less than 1 → decreasing.
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