'Marginal cost tc' diaporamas de présentation

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Business Economics (ECO 341) Lecture 6 Fall: 2012 Semester

Business Economics (ECO 341) Lecture 6 Fall: 2012 Semester. Khurrum S. Mughal. 1. Theme of the Lecture. Cost Theory & Analysis Short-Run Cost Function Link Between Production and Cost Least Cost Rule Economic Concept of Cost Economies of Scale Diseconomies of Scale Revenue Analysis.

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Managerial Economics in a Global Economy

Managerial Economics in a Global Economy. Chapter 7 Cost Theory and Estimation. The Nature of Costs Explicit Costs Accounting Costs: actual expenditures on resources Economic Costs Implicit Costs: returns on inputs owned by the firm

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Managerial Economics in a Global Economy

Managerial Economics in a Global Economy. Chapter 7 Cost Theory and Estimation. The Nature of Costs. Explicit Costs Accounting Costs Economic Costs Implicit Costs Alternative or Opportunity Costs Relevant Costs Incremental Costs Sunk Costs are Irrelevant. Short-Run Cost Functions.

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Economics 202: Intermediate Microeconomic Theory

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The Nature of Costs

The Nature of Costs. Explicit Costs Accounting Costs Economic Costs Implicit Costs Alternative or Opportunity Costs Relevant Costs Incremental Costs Sunk Costs are Irrelevant. Short-Run Cost Functions. Total Cost = TC = f(Q) Total Fixed Cost = TFC Total Variable Cost = TVC

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Supply

Supply. Short- and Long-run. Short-run: fixed plant period Long-run: variable plant period. Short-run Production Relationships. Costs depend on 1) price of resources and 2) quantities of resources necessary 1) Total product (TP) 2) Marginal product (MP) MP= ? TP/ ? labor input

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The Nature of Costs

The Nature of Costs. Explicit Costs Accounting Costs Economic Costs Implicit Costs Alternative or Opportunity Costs Relevant Costs Incremental Costs Sunk Costs are Irrelevant. Short-Run Cost Functions. Total Cost = TC = f(Q) Total Fixed Cost = TFC Total Variable Cost = TVC

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Short-Run Cost Functions

Short-Run Cost Functions. Total Cost = TC = f(Q) Total Fixed Cost = TFC Total Variable Cost = TVC TC = TFC + TVC. Short-Run Cost Functions. Average Total Cost = ATC = TC/Q Average Fixed Cost = AFC = TFC/Q Average Variable Cost = AVC = TVC/Q ATC = AFC + AVC

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