In order to know the most profitable level of production, it is necessary to know the marginal (incremental) revenue, marginal (incremental) cost, marginal product in terms of money
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Marginal terms in production презентация
Содержание
- 1. Marginal terms in production
- 2. Marginal revenue is the extra revenue obtained
- 3. Marginal product is the additional amount of
- 4. ЕХ: ] additional production, when taking into
- 5. Getting profit by attracting labour force will
- 6. The condition for profit maximization:
- 7. Each of the two factors in the
- 8. MRQ If the firm sells its products
- 9. Marginal product may vary due to the
- 10. ЕХ: the company produces cars. Input factor
- 11. The unit price of the input factor
- 12. Marginal product in the monetary form
- 13. Westland Electronics
Marginal revenue is the extra revenue obtained from selling one more unit Marginal cost - the additional costs while increasing output by one additional unit of output If the unit price
Слайд 1
Maximum efficiency is achieved here
But this point does not necessarily correspond
to maximum profits
Слайд 2Marginal revenue is the extra revenue obtained from selling one more
unit
Marginal cost - the additional costs while increasing output by one additional unit of output
If the unit price remain unchanged, then marginal revenue is simply the price per unit
Слайд 3Marginal product is the additional amount of product received as a
result of the use of one additional unit of variable input factor of production
Marginal product in the monetary form - additional income resulting from using of one additional unit of variable input factor of production
Слайд 4ЕХ: ] additional production, when taking into account only labor, per
hour (МРL) is equal to 50 units and the products are sold at a price of $ 0.5 per unit (МRQ):
Marginal product in the monetary form : MRPL = 0,5$ х 50 = 25$
=> each additional hour of labor brings 25$ income
If additional costs for labor are less than 25$ per hour, then the firm can earn additional income and additional profit
Слайд 5Getting profit by attracting labour force will occur until
The condition for
profit maximization: MRPX = PX
the marginal product in terms of money numerically will be greater than or equal to the price of labour
Слайд 6The condition for profit maximization: MRPX = PX
the
profit is maximum when marginal cost equals marginal revenue
MCQ = ∆TC / ∆Q = (Px x ∆X) / ∆Q = Px (∆X / ∆Q) = Px / MPx = MRQ
MCQ = ∆TC / ∆Q = (Px x ∆X) / ∆Q = Px (∆X / ∆Q) = Px / MPx = MRQ
Слайд 7Each of the two factors in the ultimate product, expressed in
cash (MRQ and MPx) can be either variable or constant
If this company deals with the production, which is characterized by gently lowering demand curve,
in this case, marginal revenue is variable, decreasing with increasing output or increasing volume of sales
Слайд 8MRQ
If the firm sells its products on the market, which itself
sets the price, than marginal revenue is constant
Слайд 9Marginal product may vary due to the law of diminishing returns
But
it could be permanent: the law of diminishing returns does not apply to some factors of production
MPx
Слайд 10ЕХ: the company produces cars. Input factor of production - 4
wheel, allows to obtain the marginal product in the form of the car. This marginal product will never change
Слайд 11The unit price of the input factor of production, Px, can
also be variable in the sense
that it can and will change over time
However, at any given point in time, it will have a certain value that will determine the optimal level of output
Рх
MRPX = PX
Слайд 12
Marginal product in the monetary form :
Marginal product in the form
of money represents the change in total revenue per additional unit of input factors of production
