A Comparative Advantage Model.ppt
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1、A Comparative Advantage Model,in a Neoclassical World,A Two-Input Economy: A Neoclassical Model,A production function with two inputs: capital and labor Capital and labor are imperfectly substitutable: an increasing cost production function Isoquants Isocosts How does each firm decides on the mix of
2、 inputs: the profit maximizing rule,A production function:,Q = f (K, L); given K, as L increases Q will increase; given L, as K increases Q will increaseCapital, K , and Labor, L, are to some extent substitutable Both K and L are subject to decreasing returns.,Special cases:Fixed-proportions product
3、ion functions Perfectly substitutable inputs,An Isoquant: a graphical representation of a production function,Qx0,Qx1,K,L,0,Qx = f (K, L),The Isoquant: A Definition,An isoquant is a curve drawn in a two-dimensional space representing all the combinations of two inputs (K and L), measured along the t
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