曼昆经济学原理Chapter-13.ppt

曼昆经济学原理Chapter-13.ppt

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TheCostsofProduction,1,2012CengageLearning.AllRightsReserved.Maynotbecopied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.,KeyConceptsontheProducer,TotalrevenueAmountafirmreceivesforthesaleofitsoutputTotalcostMarketvalueoftheinputsafirmusesinproductionProfitTotalrevenueminustotalcost,2,2012CengageLearning.AllRightsReserved.Maynotbecopied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.,WhatareCosts?

CostsasopportunitycostsThecostofsomethingiswhatyougiveuptogetitFirmscostofproductionIncludealltheopportunitycostsofproducingitsoutputofgoodsorservicesExplicitcostsImplicitcosts,3,2012CengageLearning.AllRightsReserved.Maynotbecopied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.,WhatareCosts?

ExplicitcostsInputcoststhatrequireanoutlayofmoneybythefirmImplicitcostsInputcoststhatdonotrequireanoutlayofmoneybythefirmIgnoredbyaccountantsTotalcosts=Explicitcosts+Implicitcosts,4,2012CengageLearning.AllRightsReserved.Maynotbecopied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.,WhatareCosts?

ThecostofcapitalasanopportunitycostKeyexampleofImplicitcost:

OpportunitycostoffinancialcapitalinvestedinthebusinessInterestincomenotearnedonfinancialcapitalSavingvs.InvestedinbusinessNotshownascostbyanaccountant,5,2012CengageLearning.AllRightsReserved.Maynotbecopied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.,WhatareCosts?

EconomicprofitTotalrevenueminustotalcostTotalcostsincludesbothexplicitandimplicitcostsAccountingprofitTotalrevenueminustotalexplicitcost,6,2012CengageLearning.AllRightsReserved.Maynotbecopied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.,Figure1,7,2012CengageLearning.AllRightsReserved.Maynotbecopied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.,EconomistsversusAccountants,Economistsincludeallopportunitycostswhenanalyzingafirm,whereasaccountantsmeasureonlyexplicitcosts.Therefore,economicprofitissmallerthanaccountingprofit.,ProductionandCosts,ProductionfunctionRelationshipbetweenquantityofinputsusedtomakeagoodandthequantityofoutputofthatgoodMarginalproductIncreaseinoutputthatarisesfromanadditionalunitofaninput（assumeotherinputsarefixed）CapturedbytheslopeoftheproductionfunctionDiminishingmarginalproductMarginalproductofaninputdeclinesasthequantityoftheinputincreasesAsproductionrises,productionfunctiongetsflatter,8,2012CengageLearning.AllRightsReserved.Maynotbecopied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.,Table1,9,2012CengageLearning.AllRightsReserved.Maynotbecopied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.,AProductionFunctionandTotalCost:

CarolinesCookieFactory,ProductionandCosts,Total-costcurveRelationshipbetweenquantityproducedandtotalcostsGetssteeperasthequantityproducedrisesResultsfromthediminishingmarginalproductTotal-costcurveandproductionfunctioncurvehascloserelationseachotherAlso,marginalcostandmarginalproducthavecloserelationseachother,10,2012CengageLearning.AllRightsReserved.Maynotbecopied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.,Figure2,11,2012CengageLearning.AllRightsReserved.Maynotbecopied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.,（a）Productionfunction,Theproductionfunctioninpanel（a）showstherelationshipbetweenthenumberofworkershiredandthequantityofoutputproduced.Herethenumberofworkershired（onthehorizontalaxis）isfromthefirstcolumninTable1,andthequantityofoutputproduced（ontheverticalaxis）isfromthesecondcolumn.Theproductionfunctiongetsflatterasthenumberofworkersincreases,whichreflectsdiminishingmarginalproduct.Thetotal-costcurveinpanel（b）showstherelationshipbetweenthequantityofoutputproducedandtotalcostofproduction.Herethequantityofoutputproduced（onthehorizontalaxis）isfromthesecondcolumninTable1,andthetotalcost（ontheverticalaxis）isfromthesixthcolumn.Thetotal-costcurvegetssteeperasthequantityofoutputincreasesbecauseofdiminishingmarginalproduct.,（b）Total-costcurve,Productionfunction,Total-costcurve,CarolinesProductionFunctionandTotal-CostCurve,VariousMeasuresofCost,FixedcostsCoststhatdonotvarywiththequantityofoutputproducedVariablecostsCoststhatvarywiththequantityofoutputproducedTotalcostFixedcost+Variablecost,12,2012CengageLearning.AllRightsReserved.Maynotbecopied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.,VariousMeasuresofCost,Averagefixedcost（AFC）FixedcostdividedbythequantityofoutputAveragevariablecost（AVC）Variablecostdividedbythequantityofoutput,13,2012CengageLearning.AllRightsReserved.Maynotbecopied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.,Table2,14,2012CengageLearning.AllRightsReserved.Maynotbecopied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.,TheVariousMeasuresofCost:

ConradsCoffeeShop,Figure3,15,2012CengageLearning.AllRightsReserved.Maynotbecopied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.,ConradsTotal-CostCurve,Herethequantityofoutputproduced（onthehorizontalaxis）isfromthefirstcolumninTable2,andthetotalcost（ontheverticalaxis）isfromthesecondcolumn.AsinFigure2,thetotal-costcurvegetssteeperasthequantityofoutputincreasesbecauseofdiminishingmarginalproduct.,Total-costcurve,VariousMeasuresofCost,Averagetotalcost（ATC）TotalcostdividedbythequantityofoutputAveragetotalcost=Totalcost/QuantityATC=TC/QCostofatypicalunitofoutputTotalcostisdividedevenlyoveralltheunitsproduced,16,2012CengageLearning.AllRightsReserved.Maynotbecopied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.,VariousMeasuresofCost,Marginalcost（MC）IncreaseintotalcostarisingfromanextraunitofproductionMarginalcost=Changeintotalcost/ChangeinquantityMC=TC/QIncreaseintotalcostFromproducinganadditionalunitofoutput,17,2012CengageLearning.AllRightsReserved.Maynotbecopied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.,VariousMeasuresofCost,RisingmarginalcostcurveDuetodiminishingmarginalproductU-shapedaveragetotalcostcurveATC=AVC+AFCAFCalwaysdeclinesasoutputrisesAVCtypicallyrisesasoutputincreasesReflectdiminishingmarginalproductThebottomoftheU-shapeAtquantitythatminimizesATC:

Efficientscale,18,2012CengageLearning.AllRightsReserved.Maynotbecopied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.,VariousMeasuresofCost,RelationshipbetweenMCandATCWhenMCATC:

averagetotalcostisrisingThemarginal-costcurvecrossestheaverage-total-costcurveatitsminimum,19,2012CengageLearning.AllRightsReserved.Maynotbecopied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.,Figure4,20,2012CengageLearning.AllRightsReserved.Maynotbecopied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.,ConradsAverage-CostandMarginal-CostCurves,Thisfiguresh