MIT 14.01 Principles of Microeconomics, Fall 2023 - Lec 5: Production Theory

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 More information at https://ocw.mit.edu/terms More courses at https://ocw.mit.edu Support OCW at http://ow.ly/a1If50zVRlQ We encourage constructive comments and discussion on OCW’s YouTube and other social media channels. Personal attacks, hate speech, trolling, and inappropriate comments are not allowed and may be removed. More details at https://ocw.mit.edu/comments.