The authors present a Web application they designed in the R programming language as an experiential learning tool for teaching production theory. The app simulates production decisions where a manager is tasked to find the optimal mixture of inputs through experimentation. Users of the application are instructed to use calculations and intuitions…

This paper deals with the regional input-output analysis and its application to evaluation of the macroeconomic impact of expenditures on higher education. Regional input-output tables represent newly developed tool which can be used for the assessment of the regional economic impact of the particular industry and its institutions. The regional…

Everyone under the age of 20 who has grown up in North America has lived in the common market created by NAFTA--the North American Free Trade Agreement. In a zone linking the United States, Canada, and Mexico, most goods and investments flow freely across borders to users, consumers, and investors. In 1994, NAFTA created the largest relatively…

The production function explains a basic technological relationship between scarce resources, or inputs, and output. This paper offers a brief overview of the historical significance and operational role of the production function in business and economics. The origin and development of this function over time is initially explored. Several…

In this article, the authors present results from a survey of Masters of Economics program directors to determine the missions, inputs, and outcomes of these degree programs throughout the United States and Canada. They compare results of this survey to those of two previous studies that they conducted 20 and 10 years ago. Respondents were asked…

For the past two decades, and recently with the economic recession, the media has emphasized the decline of manufacturing in the United States and other developed countries. In the U.S., some initially blamed the North American Free Trade Agreement (NAFTA) for this decline. Hearing that manufacturing is on the decline, one might reason that its…

This paper uses a new data-set for cumulative national investment in formal schooling and a new instrument for schooling to estimate the national return on investment in 61 countries. These estimates are combined with data on the private rate of return on investment in schooling to estimate the external rate of return. In 1990 the external rate of…

In this article, we discuss the development of online courses in higher education in terms of the in- structional quality and economic costs. In our conceptual analysis, we point out problems in developing online courses with sufficient quality due to limited funds being made available for online course development. Moreover, economic costs exist…

Expands on an earlier article which states that economies of scale cannot exist unless the production function exhibits increasing returns to scale. Argues that this is correct only to the extent that the firm faces constant input prices as output expands. Concludes that the assumption that product and input markets are competitive may be…

A constant partial elasticity of substitution production function for academic achievement is presented and estimated with nonlinear maximum likelihood methods. We find that ability and time devoted to various aspects of the learning process are the most important determinants of students' accomplishments. (Author/CTM)

Argues that the return-to-scale concept is important in explaining to more advanced students how production structures underlie costs. Reviews Christopher Ross Bell's graphical analysis, contending that its argument suggests a variable-returns-to-scale function rather than one exhibiting decreasing returns to scale. Explores classic views and the…

Designed for high school economics students as a public service project of the American Fletcher National Bank, the booklet examines America's decreasing productivity rate in terms of the efficiency. Natural resources, labor, skilled management, and capital are essential to the productive process. When there is an increase in the cost of the…

Designed for high school economics students as a public service project of the American Fletcher National Bank, the booklet examines the American free enterprise system as it relates to the traditional lemonade stand and its ability to make a profit. The parallel is made by considering some basic principles: (1) the constant need for capital to…