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Слайды и текст к этой презентации:
№2 слайд
![Ch Learning Objectives Why](/documents_6/687d2181b266796ed445c0cbd740f494/img1.jpg)
Содержание слайда: Ch 20 Learning Objectives
Why economic costs include both explicit costs and implicit costs.
How the law of diminishing returns relates to a firm’s short-run production costs.
Distinctions between fixed and variable costs and among total, average, and marginal costs.
The link between a firm’s size and its average costs in the long run.
№5 слайд
![Implicit Costs Implicit costs](/documents_6/687d2181b266796ed445c0cbd740f494/img4.jpg)
Содержание слайда: Implicit Costs
Implicit costs - opportunity costs of using its self-owned, self-employed resources.
Money payments that self-employed resources could have earned in their best alternative use
Forgone interest, forgone rent, forgone wages, and forgone entrepreneurial income.
№13 слайд
![Law of Diminishing returns](/documents_6/687d2181b266796ed445c0cbd740f494/img12.jpg)
Содержание слайда: Law of Diminishing returns
Assumes technology is fixed & techniques for production do not change.
As successive units of a variable resource are added to a fixed resource, beyond some point the extra or marginal product that can be attributed to each additional unit of the variable resource will decline.
№17 слайд
![The law of diminishing](/documents_6/687d2181b266796ed445c0cbd740f494/img16.jpg)
Содержание слайда: The law of diminishing returns assumes all units of variable inputs—workers in this case—are of equal quality. Marginal product diminishes not because successive workers are inferior but because more workers are being used relative to the amount of plant and equipment available.
The law of diminishing returns assumes all units of variable inputs—workers in this case—are of equal quality. Marginal product diminishes not because successive workers are inferior but because more workers are being used relative to the amount of plant and equipment available.
№19 слайд
![Short-Run Production](/documents_6/687d2181b266796ed445c0cbd740f494/img18.jpg)
Содержание слайда: Short-Run Production Relationships
Short‑run production reflects the law of diminishing returns that states that as successive units of a variable resource are added to a fixed resource, beyond some point the product attributable to each additional resource unit will decline.
№20 слайд
![Short Run Production Costs](/documents_6/687d2181b266796ed445c0cbd740f494/img19.jpg)
Содержание слайда: Short Run Production Costs
Fixed, variable and total costs
1. Total fixed costs are those costs whose total does not vary with changes in short‑run output.
2. Total variable costs are those costs that change with the level of output. They include payment for materials, fuel, power, transportation services, most labor, and similar costs.
3. Total cost is the sum of total fixed and total variable costs at each level of output (see Figure 20.3).
№21 слайд
![Short Run Production Costs](/documents_6/687d2181b266796ed445c0cbd740f494/img20.jpg)
Содержание слайда: Short Run Production Costs
Per unit or average
1. Average fixed cost is the total fixed cost divided by the level of output (TFC/Q). It will decline as output rises.
2. Average variable cost is the total variable cost divided by the level of output (AVC = TVC/Q).
3. Average total cost is the total cost divided by the level of output (ATC = TC/Q), sometimes called unit cost or per unit cost. Note that ATC also equals AFC + AVC (see Figure 20.4).
№22 слайд
![Short Run Production Costs](/documents_6/687d2181b266796ed445c0cbd740f494/img21.jpg)
Содержание слайда: Short Run Production Costs
Marginal cost - additional cost of producing one more unit of output (MC = change in TC/change in Q).
1. Marginal cost can also be calculated as MC = change in TVC/change in Q.
2. Marginal decisions are very important in determining profit levels. Marginal revenue and marginal cost are compared.
3. Marginal cost is a reflection of marginal product and diminishing returns. When diminishing returns begin, the marginal cost will begin its rise.
4. The marginal cost is related to AVC and ATC. These average costs will fall as long as the marginal cost is less than either average cost. As soon as the marginal cost rises above the average, the average will begin to rise. Students can think of their grade‑point averages with the total GPA reflecting their performance over their years in school, and their marginal grade points as their performance this semester. If their overall GPA is a 3.0, and this semester they earn a 4.0, their overall average will rise, but not as high as the marginal rate from this semester.
№32 слайд
![Economies or diseconomies of](/documents_6/687d2181b266796ed445c0cbd740f494/img31.jpg)
Содержание слайда: Economies or diseconomies of scale exist in the long run.
Economies or diseconomies of scale exist in the long run.
1. Economies of scale or economies of mass production explain the downward sloping part of the long‑run ATC curve, i.e. as plant size increases, long-run ATC decrease.
a. Labor and managerial specialization is one reason for this.
b. Ability to purchase and use more efficient capital goods also may explain economies of scale.
C. Other factors may also be involved, such as design, development, or other “start up” costs such as advertising and “learning by doing
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