🗊 Презентация The costs of production. Chapter 8

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The costs of production. Chapter 8, слайд №1 The costs of production. Chapter 8, слайд №2 The costs of production. Chapter 8, слайд №3 The costs of production. Chapter 8, слайд №4 The costs of production. Chapter 8, слайд №5 The costs of production. Chapter 8, слайд №6 The costs of production. Chapter 8, слайд №7 The costs of production. Chapter 8, слайд №8 The costs of production. Chapter 8, слайд №9 The costs of production. Chapter 8, слайд №10 The costs of production. Chapter 8, слайд №11 The costs of production. Chapter 8, слайд №12 The costs of production. Chapter 8, слайд №13 The costs of production. Chapter 8, слайд №14 The costs of production. Chapter 8, слайд №15 The costs of production. Chapter 8, слайд №16 The costs of production. Chapter 8, слайд №17 The costs of production. Chapter 8, слайд №18 The costs of production. Chapter 8, слайд №19 The costs of production. Chapter 8, слайд №20 The costs of production. Chapter 8, слайд №21 The costs of production. Chapter 8, слайд №22 The costs of production. Chapter 8, слайд №23 The costs of production. Chapter 8, слайд №24 The costs of production. Chapter 8, слайд №25 The costs of production. Chapter 8, слайд №26 The costs of production. Chapter 8, слайд №27
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The costs of production. Chapter 8, слайд №1
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Chapter Objectives Explicit and implicit costs Law of diminishing returns Fixed and variable costs Total, average, and marginal costs The firm’s size...
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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

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Economic Costs Equal to opportunity costs Explicit + implicit costs Explicit costs Monetary payments Implicit costs Value of next best use Self-owned...
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Economic 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

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Profit Accounting profit Total revenue less explicit cost Normal profit Equal to implicit cost Economic or pure profit Total revenue less economic...
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Profit Accounting profit Total revenue less explicit cost Normal profit Equal to implicit cost Economic or pure profit Total revenue less economic cost

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Profits Compared
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Profits Compared

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Short and Long Run The short run Fixed plant capacity Variable intensity of plant use Variable output The long run Variable plant capacity Firms...
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Short 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

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Production Relationships Total product (TP) Marginal product (MP) Average product (AP)
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Production Relationships Total product (TP) Marginal product (MP) Average product (AP)

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Law of Diminishing Returns Fixed technology Add variable resource to fixed resource Marginal product will decline Beyond some point Rationale
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Law of Diminishing Returns Fixed technology Add variable resource to fixed resource Marginal product will decline Beyond some point Rationale

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Law of Diminishing Returns
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Law of Diminishing Returns

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The costs of production. Chapter 8, слайд №10
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Short-Run Production Costs Fixed Costs Do not vary with output Variable Costs Materials, most labor Total Cost TC = TFC + TVC
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Short-Run Production Costs Fixed Costs Do not vary with output Variable Costs Materials, most labor Total Cost TC = TFC + TVC

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Per-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 =...
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Per-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

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Short-Run Production Costs
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Short-Run Production Costs

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Short-Run Production Costs
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Short-Run Production Costs

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Production Relationships Marginal cost and diminishing returns Marginal cost and marginal product Marginal cost and average variable cost Marginal...
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Production 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

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Graphical Relationships
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Graphical Relationships

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Long-Run Production Costs Choose your plant size Minimize ATC Different ATC curves Short run Long run ATC Envelope of short run ATC
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Long-Run Production Costs Choose your plant size Minimize ATC Different ATC curves Short run Long run ATC Envelope of short run ATC

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Long-Run ATC Curve
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Long-Run ATC Curve

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Long-Run ATC Curve
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Long-Run ATC Curve

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Long Run Production Cost Economies of Scale Labor specialization Managerial specialization Efficient capital Diseconomies of Scale Constant Returns...
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Long Run Production Cost Economies of Scale Labor specialization Managerial specialization Efficient capital Diseconomies of Scale Constant Returns to Scale

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Long-Run ATC Shapes
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Long-Run ATC Shapes

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The costs of production. Chapter 8, слайд №22
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The costs of production. Chapter 8, слайд №23
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Industry Structure Minimum efficient scale (MES) Natural monopoly Applications and illustrations Price of corn Successful start-up firms The Verson...
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Industry 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

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Sunk Costs Irrelevant in decision making Cannot be recovered Do not affect marginal benefit and marginal cost Firm example: R&D costs
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Sunk Costs Irrelevant in decision making Cannot be recovered Do not affect marginal benefit and marginal cost Firm example: R&D costs

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Key Terms economic (opportunity) cost explicit costs implicit costs normal profit economic profit short run long run total product (TP) marginal...
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Key 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

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Next Chapter Preview…
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Next Chapter Preview…

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