'Expansion path' diaporamas de présentation

Theory Of The Firm: Managerial Behavior, Agency Costs And Ownership Structure.

Theory Of The Firm: Managerial Behavior, Agency Costs And Ownership Structure. Michael C. Jensen and William H. Meckling Received January 1976, revised version received July 1976. Journal of Financial Economics. By: Peng Zhicheng, Li Yizheng, Tang Yifeng. Outline. Introduction Assumption

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Chapter 8: Production with Two Inputs or Outputs

Chapter 8: Production with Two Inputs or Outputs. Agricultural. Production Economics:. Two Inputs. or. Two Outputs. Factor-Factor Relationships. Two Inputs,. One Output. Production Function:. Y = f(X ,X |X , X , X ). 1 2 3 4 5. Fixed inputs. Variable inputs.

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Chapter 7 Costs

Chapter 7 Costs. People want economy and they will pay any price to get it. Lee Iacocca (former CEO of Chrysler). Chapter 7 Outline. Challenge: Technology Choice at Home Versus Abroad 7.1 Measuring Costs 7.2 Short-Run Costs 7.3 Long-Run Costs 7.4 Lower Costs in the Long Run

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Chapter 7

Chapter 7. Costs. Table 7.01 Variation of Short-Run Cost with Output. (a). Figure 7.01 Short-Run Cost Curves. Cost, $. 400. C. VC. 27. A. 1. 216. 20. 1. B. 120. 48. F. 0. 2. 4. 6. 8. 10. Quantity,. q. , Units per day. (b). Cost per unit, $. 60. MC. AC. a. 28.

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Learning Objectives

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Production and Costs in the Long Run

Production and Costs in the Long Run. The long run. The long run is the time frame longer or just as long as it takes to alter the plant. Thus the long run is that time period in which all inputs are variable. Isocost lines.

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The Production Function II

The Production Function II. 1. Costs - short run measures relationship - production & costs 2. Costs - long run scale expansion path long run costs 3. Returns to scale & economies of scale. 1. Costs - short run. Fixed & variable costs fixed = unavoidable variable = avoidable

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Chapters 8: Costs of Production

Chapters 8: Costs of Production. Cost Definitions. Total cost (TC) = all costs of production If r is the cost of capital (rental cost), and w is the wage, then TC = rK + wL Average total cost (ATC) = total cost/quantity produced

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PPA 723: Managerial Economics

PPA 723: Managerial Economics. Study Guide: Production, Cost, and Supply. Managerial Economics, Study Guide. Topics Short-run product curves Short-run cost curves Short-run firm supply Short-run market supply Input mix decision Long-run product curves Long-run cost curves

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Economics 202: Intermediate Microeconomic Theory

Economics 202: Intermediate Microeconomic Theory. Any questions? Read Ch 10 HW #9 on website, due next Thursday. Long-Run Costs of Production. Capital (K). TC 3 /r. TC 2 /r. slope = -w/r. TC 1 /r. TC 1 /w. TC 3 /w. Labor. TC 2 /w. All inputs are variable

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