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Слайды и текст к этой презентации:
№2 слайд
![In this chapter you will](/documents_6/debb1c7543e4bd296b8154ddbc46358b/img1.jpg)
Содержание слайда: In this chapter you will…
Examine what items are included in a firm’s costs of production.
Analyze the link between a firm’s production process and its total costs.
Learn the meaning of average total cost and marginal cost and how they are related.
Consider the shape of a typical firm’s cost curves.
Examine the relationship between short-run and long run costs.
№4 слайд
![THE COSTS OF PRODUCTION](/documents_6/debb1c7543e4bd296b8154ddbc46358b/img3.jpg)
Содержание слайда: THE COSTS OF PRODUCTION
According to the Law of Supply:
Firms are willing to produce and sell a greater quantity of a good when the price of the good is high.
This results in a supply curve that slopes upward.
The Firm’s Objective
The economic goal of the firm is to maximize profits.
№6 слайд
![Cost as an Opportunity Cost A](/documents_6/debb1c7543e4bd296b8154ddbc46358b/img5.jpg)
Содержание слайда: Cost as an Opportunity Cost
A firm’s cost of production includes all the opportunity costs of making its output of goods and services.
Explicit and Implicit Costs
A firm’s cost of production include explicit costs and implicit costs.
Explicit costs are input costs that require a direct outlay of money by the firm.
Implicit costs are input costs that do not require an outlay of money by the firm.
№7 слайд
![Cost as an Opportunity Cost](/documents_6/debb1c7543e4bd296b8154ddbc46358b/img6.jpg)
Содержание слайда: Cost as an Opportunity Cost
Example:
Helen uses $300 000 of her savings to buy her cookie factory from the previous owner.
If she had left her money in a savings account that pays an interest at a rate of 5 percent, she would have earned $15 000 a year.
Helen by buying a cookie factory has foregone $15 000 a year in interest income.
This foregone $15 000 is an implicit opportunity cost of Helen’s business.
The accountant will not show this cost.
№13 слайд
![PRODUCTION AND COSTS The](/documents_6/debb1c7543e4bd296b8154ddbc46358b/img12.jpg)
Содержание слайда: PRODUCTION AND COSTS
The Production Function
The production function shows the relationship between quantity of inputs used to make a good and the quantity of output of that good.
Marginal Product
The marginal product of any input in the production process is the increase in output that arises from an additional unit of that input.
№14 слайд
![PRODUCTION AND COSTS](/documents_6/debb1c7543e4bd296b8154ddbc46358b/img13.jpg)
Содержание слайда: PRODUCTION AND COSTS
Diminishing Marginal Product
Diminishing marginal product is the property whereby the marginal product of an input declines as the quantity of the input increases.
Example: As more and more workers are hired at a firm, each additional worker contributes less and less to production because the firm has a limited amount of equipment.
№16 слайд
![PRODUCTION AND COSTS](/documents_6/debb1c7543e4bd296b8154ddbc46358b/img15.jpg)
Содержание слайда: PRODUCTION AND COSTS
Diminishing Marginal Product
Diminishing marginal product is the property whereby the marginal product of an input declines as the quantity of the input increases.
Example: As more and more workers are hired at a firm, each additional worker contributes less and less to production because the firm has a limited amount of equipment.
№29 слайд
![Cost Curves and their Shapes](/documents_6/debb1c7543e4bd296b8154ddbc46358b/img28.jpg)
Содержание слайда: Cost Curves and their Shapes
The cost curves shown here for Thirsty Thelma’s Lemonade Stand have some features that are common to the cost curves of many firms in the economy.
Lets examine three features in particular:
The shape of the marginal cost curve
The shape of the average cost curve
The relationship between marginal and average total cost
№31 слайд
![Cost Curves and their Shapes](/documents_6/debb1c7543e4bd296b8154ddbc46358b/img30.jpg)
Содержание слайда: Cost Curves and their Shapes
Marginal cost rises with the amount of output produced.
This reflects the property of diminishing marginal product.
The average total-cost curve is U-shaped.
At very low levels of output average total cost is high because fixed cost is spread over only a few units.
Average total cost declines as output increases.
Average total cost starts rising because average variable cost rises substantially.
№32 слайд
![Cost Curves and their Shapes](/documents_6/debb1c7543e4bd296b8154ddbc46358b/img31.jpg)
Содержание слайда: Cost Curves and their Shapes
The bottom of the U-shaped ATC curve occurs at the quantity that minimizes average total cost. This quantity is sometimes called the efficient scale of the firm.
Relationship between Marginal Cost and Average Total Cost
Whenever marginal cost is less than average total cost, average total cost is falling.
Whenever marginal cost is greater than average total cost, average total cost is rising.
The marginal-cost curve crosses the average-total-cost curve at the efficient scale.
№33 слайд
![Typical Cost Curves In the](/documents_6/debb1c7543e4bd296b8154ddbc46358b/img32.jpg)
Содержание слайда: Typical Cost Curves
In the previous examples, the firms exhibit diminishing marginal product and, therefore, rising marginal cost at all levels of output.
Actual firms are often a bit more complicated than this. E.g., diminishing marginal product does not start after the first worker id hired.
Table 13-3 shows such a firm.
№38 слайд
![THE RELATIONSHIP BETWEEN THE](/documents_6/debb1c7543e4bd296b8154ddbc46358b/img37.jpg)
Содержание слайда: THE RELATIONSHIP BETWEEN THE SHORT RUN AND THE LONG RUN
For many firms, the division of total costs between fixed and variable costs depends on the time horizon being considered.
In the short run, some costs are fixed.
In the long run, fixed costs become variable costs.
Because many costs are fixed in the short run but variable in the long run, a firm’s long-run cost curves differ from its short-run cost curves.
№40 слайд
![Economies and Diseconomies of](/documents_6/debb1c7543e4bd296b8154ddbc46358b/img39.jpg)
Содержание слайда: Economies and Diseconomies of Scale
Economies of scale refer to the property whereby long-run average total cost falls as the quantity of output increases.
Diseconomies of scale refer to the property whereby long-run average total cost rises as the quantity of output increases.
Constant returns to scale refers to the property whereby long-run average total cost stays the same as the quantity of output increases
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