问题描述：
英译汉,请厉害人士帮助
previous chapter,we saw how she discovered the technology that she will use to produce
her product.In this chapter,we saw how she learned to analyze costs so that she can pro-
duce efficiently and thereby maximize her profits.She is now able to derive the cost func-
tion associated with production,and she is able to find the least-cost way to produce at any
given level of output.An understanding of technology and production costs will be of ma-
jor importance to our entrepreneur as she prepares for her entry into the market.However,
before she can actually start production,she must also acquire a knowledge of market
strategy and planning.If she is going to succeed in the business world,producing effi-
ciently will not be enough.She will have to learn how to think strategically in order to stay
one step ahead of her competition.In the next chapter,we will examine a number of con-
cepts from the theory of games that will be of great help to our entrepreneur when other
firms are created and she must interact with these firms in the market.
In this chapter,we have discussed the cost and production concepts necessary to under-
stand how to maximize profits by producing efficiently-in the least-cost way.We have
examined the conditions that determine the optimal combination of inputs in both the
short run and the long run.Using these conditions,we have investigated fixed costs and
variable costs and the different types of short-run and long-run cost functions:total cost
functions,marginal cost functions,and average cost functions.We have also discussed
two special production technologies:the Leontief and Cobb-Douglas technologies.We
have looked at the important properties of these technologies,such as their returns to scale
and their elasticities of substitution,and we have examined the cost functions of these
technologies.
nie Cost Function
A cost function tells us the minimum cost necessary to produce a given level of output.
(Note how similar cost functions are to the expenditure functions we studied in Chapter 3.
Mathematically they are identical.Cost functions are calculated by solving a cost-
而ni而zation problem subject to the condition that the output is fixed at some level.)
Assume that the production technology is generalized Cobb-Douglas; that is,output
Y= AKILR.Further,let Wl be the cost of capital and WZ be the wage rate,so that these are
the factor prices.The total costs are therefore WIK＋WZL.We assume that there are no
fixed costs.
Then the cost-minimization problem is to choose the amounts of inputs K and L to
minimize the total production costs of producing an output level Y subject to the con-
straints imposed by the production technology,namely,Y＝AKaLO.
previous chapter,we saw how she discovered the technology that she will use to produce
her product.In this chapter,we saw how she learned to analyze costs so that she can pro-
duce efficiently and thereby maximize her profits.She is now able to derive the cost func-
tion associated with production,and she is able to find the least-cost way to produce at any
given level of output.An understanding of technology and production costs will be of ma-
jor importance to our entrepreneur as she prepares for her entry into the market.However,
before she can actually start production,she must also acquire a knowledge of market
strategy and planning.If she is going to succeed in the business world,producing effi-
ciently will not be enough.She will have to learn how to think strategically in order to stay
one step ahead of her competition.In the next chapter,we will examine a number of con-
cepts from the theory of games that will be of great help to our entrepreneur when other
firms are created and she must interact with these firms in the market.
In this chapter,we have discussed the cost and production concepts necessary to under-
stand how to maximize profits by producing efficiently-in the least-cost way.We have
examined the conditions that determine the optimal combination of inputs in both the
short run and the long run.Using these conditions,we have investigated fixed costs and
variable costs and the different types of short-run and long-run cost functions:total cost
functions,marginal cost functions,and average cost functions.We have also discussed
two special production technologies:the Leontief and Cobb-Douglas technologies.We
have looked at the important properties of these technologies,such as their returns to scale
and their elasticities of substitution,and we have examined the cost functions of these
technologies.
nie Cost Function
A cost function tells us the minimum cost necessary to produce a given level of output.
(Note how similar cost functions are to the expenditure functions we studied in Chapter 3.
Mathematically they are identical.Cost functions are calculated by solving a cost-
而ni而zation problem subject to the condition that the output is fixed at some level.)
Assume that the production technology is generalized Cobb-Douglas; that is,output
Y= AKILR.Further,let Wl be the cost of capital and WZ be the wage rate,so that these are
the factor prices.The total costs are therefore WIK＋WZL.We assume that there are no
fixed costs.
Then the cost-minimization problem is to choose the amounts of inputs K and L to
minimize the total production costs of producing an output level Y subject to the con-
straints imposed by the production technology,namely,Y＝AKaLO.
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