Teaching production theory through simulation

Ghislain Nono Gueye and Jonathan R. Peterson

The Journal of Economic Education, 2024, vol. 55, issue 3, 304-319

Abstract: 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 from production theory to improve profitability quickly. The underlying parameters and starting points are randomized to allow for additional practice. Variations of the exercise correspond to cost-minimization and profit-maximization problems with and without market power in the output market. Also, the app provides dynamic, interactive visualizations in 3D in order to assist in a better understanding of standard production theory graphs. The app is located at https://bit.ly/387HsHL.

Date: 2024
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DOI: 10.1080/00220485.2024.2342452

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