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This lecture covers key concepts in production within the framework of Managerial Economics. It explores production technology and efficiency in both the short run and long run, highlighting how firms utilize resources to achieve optimal output. Key topics include the production function, returns to scale, and the impact of fixed and variable inputs. By understanding these principles, managers can make informed decisions that enhance productivity and profitability. This lecture is crucial for anyone looking to grasp the intricacies of production economics.
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1. PPA 723: Managerial Economics Lecture 10:
Production
2. Managerial Economics, Lecture 10: Production Outline
Production Technology in the Short Run
Production Technology in the Long Run
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