Animated and verbal exploration of derivation of producer choice and isoprofit lines
Duke Micro Econ Chapter 11
What is it about?
Animated and verbal exploration of derivation of producer choice and isoprofit lines. Then these are combined to show how the profit maximizing level of output might be chosen and how this level changes when wages and output prices change. The labor demand curve is derived from the marginal revenue product of labor. The output supply curve is derived from isoprofit tangencies with the production frontier and also from the marginal cost curve. The final two graphs, from the calculus portion of the material, considers problems that arise from non-convex production sets.
App Store Description
Animated and verbal exploration of derivation of producer choice and isoprofit lines. Then these are combined to show how the profit maximizing level of output might be chosen and how this level changes when wages and output prices change. The labor demand curve is derived from the marginal revenue product of labor. The output supply curve is derived from isoprofit tangencies with the production frontier and also from the marginal cost curve. The final two graphs, from the calculus portion of the material, considers problems that arise from non-convex production sets.
This app contains 13 animated graphs with voice over that plays as graphs are drawn. Users can jump ahead to which ever graph or portion of graph is of interest.
Useful for any undergrad micro economics.
Developed in conjunction with Professor Thomas Nechyba for the Micro Economics curriculum in the Department of Economics, Duke University, Durham, NC
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