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Chapter 3 - Witte

Chapter 3 - Witte. Supply Side Model = Production Function (constant returns to scale) Factor Prices. Chapter 3 - Witte. Firms = Profit Maximizers Diminishing Marginal Returns, MPK, MPL. Chapter 3 - Witte. Real Economic Profit Euler’s Theorem Labor Productivity. Chapter 3 - Witte.

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Chapter 3 - Witte

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  1. Chapter 3 - Witte • Supply Side Model = Production Function • (constant returns to scale) • Factor Prices

  2. Chapter 3 - Witte • Firms = Profit Maximizers • Diminishing Marginal Returns, MPK, MPL

  3. Chapter 3 - Witte • Real Economic Profit • Euler’s Theorem • Labor Productivity

  4. Chapter 3 - Witte • Cobb-Douglas Production Function

  5. Chapter 3 - Witte • Demand Side Economics: Y = C + I + G + NX • C = A + MPC(Y-T) • I = I(r)

  6. Chapter 3 - Witte • G = G(?) • Budget Balance • Y =

  7. Chapter 3 - Witte • National Savings = S • Market for Loanable Funds

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