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The costs of production. Chapter 8 презентация
Содержание
- 1. The costs of production. Chapter 8
- 2. Chapter Objectives Explicit and implicit costs Law
- 3. Economic Costs Equal to opportunity costs Explicit
- 4. Profit Accounting profit Total revenue less explicit
- 5. Profits Compared Economic Profit Accounting Costs (Explicit
- 6. Short and Long Run The short run
- 7. Production Relationships Total product (TP) Marginal product (MP) Average product (AP) 8-
- 8. Law of Diminishing Returns Fixed technology Add
- 9. Increasing Marginal Returns Law
- 10. TP MP AP Increasing
- 11. Short-Run Production Costs Fixed Costs Do not
- 12. Per-Unit Production Costs Average fixed cost
- 13. Short-Run Production Costs TFC TC
- 14. Short-Run Production Costs
- 15. Production Relationships Marginal cost and diminishing returns
- 16. Graphical Relationships MP
- 17. Long-Run Production Costs Choose your plant size
- 18. Long-Run ATC Curve
- 19. Long-Run ATC Curve
- 20. Long Run Production Cost Economies of Scale
- 21. Long-Run ATC Shapes Output Long-run ATC
- 22. Output Long-run ATC curve where costs
- 23. Output Long-run ATC curve where economies
- 24. Industry Structure Minimum efficient scale (MES) Natural
- 25. Sunk Costs Irrelevant in decision making Cannot
- 26. Key Terms economic (opportunity) cost explicit costs
- 27. Next Chapter Preview… Pure Competition 8-
Chapter Objectives Explicit and implicit costs Law of diminishing returns Fixed and variable costs Total, average, and marginal costs The firm’s size in the long run 8-
Слайд 2Chapter Objectives
Explicit and implicit costs
Law of diminishing returns
Fixed and variable costs
Total,
average, and marginal costs
The firm’s size in the long run
The firm’s size in the long run
8-
Слайд 3Economic Costs
Equal to opportunity costs
Explicit + implicit costs
Explicit costs
Monetary payments
Implicit costs
Value
of next best use
Self-owned resources
Self-employed resources
Self-owned resources
Self-employed resources
8-
Слайд 4Profit
Accounting profit
Total revenue less explicit cost
Normal profit
Equal to implicit cost
Economic
or pure profit
Total revenue less economic cost
Total revenue less economic cost
8-
Слайд 5Profits Compared
Economic
Profit
Accounting
Costs (Explicit
Costs Only)
Accounting
Profit
Explicit
Costs
Implicit Costs
(Including a
Normal Profit)
Economic
(Opportunity)
Costs
Total Revenue
8-
Слайд 6Short and Long Run
The short run
Fixed plant capacity
Variable intensity of plant
use
Variable output
The long run
Variable plant capacity
Firms enter and exit
Variable output
The long run
Variable plant capacity
Firms enter and exit
8-
Слайд 8Law of Diminishing Returns
Fixed technology
Add variable resource to fixed resource
Marginal product
will decline
Beyond some point
Rationale
Beyond some point
Rationale
8-
Слайд 9
Increasing
Marginal
Returns
Law of Diminishing Returns
0
1
2
3
4
5
6
7
8
0
10
25
45
60
70
75
75
70
10
15
20
15
10
5
0
-5
-
10.00
12.50
15.00
15.00
14.00
12.50
10.71
8.75
Diminishing
Marginal
Returns
Negative
Marginal
Returns
8-
Слайд 10
TP
MP
AP
Increasing
Marginal
Returns
Diminishing
Marginal
Returns
Negative
Marginal
Returns
Law of Diminishing Returns
8-
Слайд 11Short-Run Production Costs
Fixed Costs
Do not vary with output
Variable Costs
Materials, most labor
Total
Cost
TC = TFC + TVC
TC = TFC + TVC
8-
Слайд 12Per-Unit Production Costs
Average fixed cost
AFC = TFC/Q
Average variable cost
AVC =
TVC/Q
Average total cost
ATC = TC/Q = TFC/Q + TVC/Q
ATC = AFC+AVC
Marginal cost
MC = change in TC/change in Q
Average total cost
ATC = TC/Q = TFC/Q + TVC/Q
ATC = AFC+AVC
Marginal cost
MC = change in TC/change in Q
8-
Слайд 15Production Relationships
Marginal cost and diminishing returns
Marginal cost and marginal product
Marginal cost
and average variable cost
Marginal cost and average total cost
Production curves and cost curves
Shifts in cost curves
Marginal cost and average total cost
Production curves and cost curves
Shifts in cost curves
8-
Слайд 16Graphical Relationships
MP
AP
MC
AVC
Quantity of Output
Quantity of Labor
Production Curves
Cost Curves
8-
Слайд 17Long-Run Production Costs
Choose your plant size
Minimize ATC
Different ATC curves
Short run
Long run
ATC
Envelope of short run ATC
Envelope of short run ATC
8-
Слайд 18Long-Run ATC Curve
Average Total Costs
ATC-1
ATC-2
ATC-3
ATC-4
ATC-5
Output
Any number of short-run optimum
size cost
curves can be constructed
8-
Слайд 19Long-Run ATC Curve
Long-Run
ATC
Average Total Costs
ATC-1
ATC-2
ATC-3
ATC-4
ATC-5
Output
The long-run ATC curve just
“envelopes” the short
run ATCs
8-
Слайд 20Long Run Production Cost
Economies of Scale
Labor specialization
Managerial specialization
Efficient capital
Diseconomies of Scale
Constant
Returns to Scale
8-
Слайд 21Long-Run ATC Shapes
Output
Long-run ATC curve where economies
of scale exist
Average Total Costs
Long-Run
ATC
Economies
Of
Scale
Constant Returns
To Scale
Diseconomies
Of Scale
q1
q2
8-
Слайд 22
Output
Long-run ATC curve where costs are
lowest only when large numbers are
participating
Average
Total Costs
Economies
Of Scale
Diseconomies
Of Scale
Long-Run
ATC
Long-Run ATC Shapes
8-
Слайд 23
Output
Long-run ATC curve where economies
of scale exist, are exhausted quickly,
and turn
back up substantially
Average Total Costs
Long-Run
ATC
Economies
Of Scale
Diseconomies
Of Scale
Long-Run ATC Shapes
8-
Слайд 24Industry Structure
Minimum efficient scale (MES)
Natural monopoly
Applications and illustrations
Price of corn
Successful start-up
firms
The Verson stamping machine
The daily newspaper
Aircraft and concrete plants
The Verson stamping machine
The daily newspaper
Aircraft and concrete plants
8-
Слайд 25Sunk Costs
Irrelevant in decision making
Cannot be recovered
Do not affect marginal benefit
and marginal cost
Firm example:
R&D costs
Firm example:
R&D costs
8-
Слайд 26Key Terms
economic (opportunity) cost
explicit costs
implicit costs
normal profit
economic profit
short run
long run
total product
(TP)
marginal product (MP)
average product (AP)
law of diminishing returns
fixed costs
marginal product (MP)
average product (AP)
law of diminishing returns
fixed costs
variable costs
total cost
average fixed cost (AFC)
average variable cost (AVC)
average total cost (ATC)
marginal cost (MC)
economies of scale
diseconomies of scale
constant returns to scale
minimum efficient scale (MES)
natural monopoly
8-
