| 单词 | envelope curve |
| 释义 | envelope curve A curve showing the maximum possible outputs obtainable by using a combination of two or more independent processes to pursue any objective. If all processes have constant or increasing returns to scale it is always possible to produce any amount efficiently using only one process. It pays to combine processes only when each has decreasing returns. This can apply to the use of different plants by a firm, or the use of internal production and external trade for a country. The envelope curve is found by taking a graph for one process, and superimposing on it the graph for a second process, using each point on the first process in turn as an origin. The envelope curve is the outer limit of all points attainable by using any combination of the two processes. The envelope theorem states that where both processes are represented by smooth curves, the slope of the envelope curve must be the same as that of the curve for each process at the point where it is used. That is, the marginal product of each process used must be equal, and is equal to the marginal product of the combination of processes. If these slopes were not equal, it would be possible to obtain better results by using more of one process and less of the other. Another example of an envelope curve is long-run and short-run average cost (AC) curves. With cost curves, the object is to minimize cost. The long-run AC curve is the envelope curve drawn beneath all possible short-run AC curves. Each point on the long-run AC curve is also on a short-run AC curve, which is tangent to the long-run curve at that point. In each panel the horizontal axis represents an input, X, and the vertical axis represents an output, Y. In Panel 1, ABC represents process 1, and in Panel 2, DEF represents process 2. In Panel 3, ABC represents process 1; D1 E1 F1 represents process 2 with A as origin; D2 E2 F2 represents process 2 with B as origin; and D3 E3 F3 represents process 2 with C as origin. D1 E1 E2 E3 is the envelope curve. The slope of process 2 and the envelope curve at E2 are equal to the slope of process 1 at B. |
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