🗊Презентация The costs of production. Chapter 8

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The costs of production. Chapter 8, слайд №1The costs of production. Chapter 8, слайд №2The costs of production. Chapter 8, слайд №3The costs of production. Chapter 8, слайд №4The costs of production. Chapter 8, слайд №5The costs of production. Chapter 8, слайд №6The costs of production. Chapter 8, слайд №7The costs of production. Chapter 8, слайд №8The costs of production. Chapter 8, слайд №9The costs of production. Chapter 8, слайд №10The costs of production. Chapter 8, слайд №11The costs of production. Chapter 8, слайд №12The costs of production. Chapter 8, слайд №13The costs of production. Chapter 8, слайд №14The costs of production. Chapter 8, слайд №15The costs of production. Chapter 8, слайд №16The costs of production. Chapter 8, слайд №17The costs of production. Chapter 8, слайд №18The costs of production. Chapter 8, слайд №19The costs of production. Chapter 8, слайд №20The costs of production. Chapter 8, слайд №21The costs of production. Chapter 8, слайд №22The costs of production. Chapter 8, слайд №23The costs of production. Chapter 8, слайд №24The costs of production. Chapter 8, слайд №25The costs of production. Chapter 8, слайд №26The 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 in the long run
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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 resources Self-employed resources
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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 cost
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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 enter and exit
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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 = AFC+AVC Marginal cost MC = change in TC/change in Q
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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 cost and average total cost Production curves and cost curves Shifts in cost curves
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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 to Scale
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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 stamping machine The daily newspaper Aircraft and concrete plants
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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 product (MP) average product (AP) law of diminishing returns fixed 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 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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