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A-LEVELMicroeconomicsbasic,2,1WhatisEconomicsabout?Theproblemofscarcity,Economicsisthestudyofhowsocietychoosestoallocateitsscarceresourcestotheproductionofgoodsandservicesinordertosatisfyunlimitedwants.,Humanwantsareunlimited,butResourcesarelimited(scarce)AcentralproblemthereforeexistswecallthistheproblemofSCARCITY,4,3Definitionofeconomics,Economicsisthestudyofsocietysdecisionsaboutproductionconsumptionallocationofscarceresourcesinordertosatisfyasmanyunlimitedwantsaspossible.,5,4Twobranchesofeconomics,Microeconomicsisthebranchofeconomicsthatstudiesdecision-makingbyasingleindividual,household,firm,industryorlevelofgovernment.Macroeconomicsisthebranchofeconomicsthatstudiesdecision-makingfortheeconomyasawhole.,6,5MacroeconomicIssues,aggregatedemand,aggregatesupplyeconomicgrowthunemploymentinflationbalanceoftradeexchangerates,7,6MicroeconomicIssues,demandandsupplydecisionsofwhattoproduce,howtoproduce,forwhomtoproducetheconceptofopportunitycostbasedoncomparingwhatyouhavedecidedvswhatisthenextbestalternativeyouhavegivenuprationaldecisionmakingbasedoncostvsbenefit;bestvalueformoneyweighingupmarginalcostsandmarginalbenefitsbasedoncomparingtheextrabenefitwiththeextracostthesocialimplicationsofchoicesocietyi.e.takingintoconsiderationhowacertainchoicemayhaveanindirectcoston,JohnSloman,KeithNorris:PrinciplesofEconomics2e2007PearsonEducationAustralia,Resources,Resourcesarethebasiccategoriesofinputsusedtoproducegoodsandservices.Resourcescanalsobecalledthefactorsofproduction.,JohnSloman,KeithNorris:PrinciplesofEconomics2e2007PearsonEducationAustralia,Threecategoriesofresources,LandLabourCapital,JohnSloman,KeithNorris:PrinciplesofEconomics2e2007PearsonEducationAustralia,Resources:land,AnynaturalresourceprovidedbynatureusedintheprocessofproductionForexample:forests,minerals,wildlife,oil,rivers,lakes,oceansMayberenewableornon-renewable,JohnSloman,KeithNorris:PrinciplesofEconomics2e2007PearsonEducationAustralia,Resources:labour,ThementalandphysicalcapacityofworkerstoproducegoodsandservicesForexample:farmers,nurses,lawyersEntrepreneurshipisaspecialtypeoflabourthecreativeabilityofindividualstomanagethecombinationofresourcestoproduceproducts.,JohnSloman,KeithNorris:PrinciplesofEconomics2e2007PearsonEducationAustralia,Entrepreneurship,Organisesandmanagestheresourcesneededtoproducegoodsandservices,JohnSloman,KeithNorris:PrinciplesofEconomics2e2007PearsonEducationAustralia,Resources:capital,Capitalisthephysicalplant,machineryandequipmentusedtoproduceothergoods.Thatis,human-madegoodsthatdonotdirectlysatisfyhumanwants,forexample:Earlier:axe,bowandarrowNow:buildings,productionequipment,software,factories.,JohnSloman,KeithNorris:PrinciplesofEconomics2e2007PearsonEducationAustralia,Anoteaboutfinancialcapital,Economistsdonotincludemoneyintheirdefinitionofcapitalmoneysimplygivesameasuretothevalueofassets.,JohnSloman,KeithNorris:PrinciplesofEconomics2e2007PearsonEducationAustralia,Opportunitycost,ThebestalternativesacrificedforachosenalternativeOpportunitycostappliestopersonal,groupandnationaldecision-making,forexampleWhatcouldyoubedoingifyouwerenotcurrentlystudying?Howmanynewroadshavetobeforgoneifthegovernmentspendstaxrevenuesonhomelandsecurity?,JohnSloman,KeithNorris:PrinciplesofEconomics2e2007PearsonEducationAustralia,Marginalanalysis,Marginalanalysisexamineshowthecostsandbenefitschangeinresponsetoincrementalchangesinactions.Anyadditionalactionbyanindividualorafirm,suchasbuyinganadditionalpairofshoesorincreasingproductionofaproductbyanadditionalunit,bringsadditionalcost.Thecentralquestioninmarginalanalysisiswhethertheexpectedbenefitsofthatactionexceedtheaddedcost,JohnSloman,KeithNorris:PrinciplesofEconomics2e2007PearsonEducationAustralia,Marginalanalysis,Marginalanalysishelpsbusinessesandindividualsbalancethecostsandbenefitsofadditionalactions-whethertoproducemore,consumemore,orotherdecisions-anddeterminewhetherthebenefitswillexceedcosts,thusincreasingutility.,JohnSloman,KeithNorris:PrinciplesofEconomics2e2007PearsonEducationAustralia,Marginalanalysis,Marginalanalysisbenefitsgovernmentpolicymakers,aswell.Weighingthecostsandbenefitscanhelpgovernmentofficialsdetermineifallocatingadditionalresourcestoaparticularpublicprogramwillgenerateadditionalbenefitsforthegeneralpublic,JohnSloman,KeithNorris:PrinciplesofEconomics2e2007PearsonEducationAustralia,Short-RunvLongRun,Short-Run:Atimeperiodinwhichatleastonefactorofproductionisfixed(i.e.cannotincreaseitsamount)itisnotdefinedintermsofnumberofdays/weeks)LongRun:AtimeperiodlongenoughforallinputstobevariedItisnotadefinedperiodoftime;,JohnSloman,KeithNorris:PrinciplesofEconomics2e2007PearsonEducationAustralia,Costconcepts,Totalfixedcostsarecoststhatdonotvaryasoutputvariesandmustbepaidevenifoutputiszero.Totalvariablecostsarecoststhatarezerowhenoutputiszeroandvaryasoutputvaries.Totalcostisthesumoffixedcostandvariablecost.TC=TFC+TVC,JohnSloman,KeithNorris:PrinciplesofEconomics2e2007PearsonEducationAustralia,Totalcosts,Note:Thexandyaxisunitshereareunrelatedtothepreviousdiagram,JohnSloman,KeithNorris:PrinciplesofEconomics2e2007PearsonEducationAustralia,Averagecostconcepts,Averagefixedcost(AFC)totalfixedcostdividedbythequantityofoutputproduced:Averagevariablecost(AVC)totalvariablecostdividedbythequantityofoutputproduced:,AFC=TFC,AVC=TVC,Q,Q,JohnSloman,KeithNorris:PrinciplesofEconomics2e2007PearsonEducationAustralia,Averagetotalcost,Totalcostdividedbythequantityofoutputproduced,ATC=AFC+AVC=TC,Q,JohnSloman,KeithNorris:PrinciplesofEconomics2e2007PearsonEducationAustralia,Marginalcost,Measureshowmuchtotalcostincreaseswhenanadditionalunitofoutputisproduced.MC:thechangeintotalcostwhenoneextraunitofoutputisproduced,MC=TC=TVC,Q,Q,JohnSloman,KeithNorris:PrinciplesofEconomics2e2007PearsonEducationAustralia,Totalcosts,JohnSloman,KeithNorris:PrinciplesofEconomics2e2007PearsonEducationAustralia,Inverserelationship:MPthefirmwillneedtodecideaboutthescaleofitsoperationandtheproductiontechniquesthatituses;thesedecisionswillaffectproductioncostssoitisimportanttogetthesedecisionsright.,JohnSloman,KeithNorris:PrinciplesofEconomics2e2007PearsonEducationAustralia,RelationbetweenLRACandSRACCurves,AfirmwithjustonefactoryandfacesSRACcurve(followingdiagrams);Inthelong-runitcanbuildmorefactoriesandexperienceseconomiesofscaleduetoadministrativesavings,eachsuccessivefactorywillallowittoproducewithanewlowerSRACcurve;Thuswith2factoriesitwillhavecurveSRAC2andwiththreethenSRAC3,andsoon;EachSRACcurvecorrespondstoaparticularamountofthefactorthatisfixedintheshort-run(inthiscasethefactory);TherearemanySRACcurvesasmanydifferentfactoriesofdifferentsizesorextensionstoexistingonecouldbemade.TheLRACcurveisanENVELOPECURVE,JohnSloman,KeithNorris:PrinciplesofEconomics2e2007PearsonEducationAustralia,Costs,Output,O,Examplesofshort-runaveragecostcurves,SRAC2,SRAC3,SRAC4,SRAC5,ConstructingaLong-runAverageCostCurvefromShort-runAverageCostCurves,JohnSloman,KeithNorris:PrinciplesofEconomics2e2007PearsonEducationAustralia,LRAC,Costs,Output,O,SRAC5,SRAC4,SRAC3,SRAC2,ConstructingaLong-runAverageCostCurvefromShort-runAverageCostCurves,JohnSloman,KeithNorris:PrinciplesofEconomics2e2007PearsonEducationAustralia,Scalesofproduction,Thelong-runaveragecostcurveisU-shaped.Thisreflectsreturnstoscalethreetypesarerecognised:Economiesofscale(LRACfallsasoutputrises)ConstantreturnstoscaleDiseconomiesofscale(LRACrisesasoutputrises).,JohnSloman,KeithNorris:PrinciplesofEconomics2e2007PearsonEducationAustralia,Scalesofproduction,JohnSloman,KeithNorris:PrinciplesofEconomics2e2007PearsonEducationAustralia,Economiesofscale,Asituationinwhichthelong-runaveragecostcurvedeclinesasthefirmincreasesoutputSourcesofeconomiesofscale:SpecialisationandDivisionofLabourGreaterefficiencyoflargermachines(egcombineharvester,superphotocopier.EgmachineAcosts$1000eliminateduplication)Financialeconomies(bulkdiscounts)EconomiesofScope(producingarangeofproductsmayincreasesalesandspreadoutoverheadsEg:CD,DVD,players,amplifiersetcvsonlyCD)(RefertoSlomanp87,88formoreinfo),JohnSloman,KeithNorris:PrinciplesofEconomics2e2007PearsonEducationAustralia,Constantreturnstoscale,Asituationinwhichthelong-runaveragecostcurvedoesnotchangeasthefirmincreasesoutput.,JohnSloman,KeithNorris:PrinciplesofEconomics2e2007PearsonEducationAustralia,Diseconomiesofscale,Asituationinwhichthelong-runaveragecostcurverisesasthefirmincreasesoutputSourcesofdiseconomiesofscale:BureaucracyBarrierstocommunicationManagementdifficulties(e.g.lackofcoordination).Production-lineprocessesandinterdependencies,JohnSloman,KeithNorris:PrinciplesofEconomics2e2007PearsonEducationAustralia,Long-runCosts,“ToScale”meansthatallinputsincreasebythesameproportionDecreasingreturnstoscalearequitedifferentfromdiminishingmarginalreturns(whereonlythevariablefactorincreases)DMR(short-run)andDRS(long-run),ProfitMaximisationSlomanCh5,BUECO1507,Revenue,Definingtotal,averageandmarginalrevenuetotalrevenue:TR=PQaveragerevenue:AR=TR/Qmarginalrevenue:MR=TR/Q,Revenue,Revenuecurveswhenpriceisnotaffectedbythefirmsoutput(horizontaldemandcurve)averagerevenue(AR)marginalrevenue(MR),Examiningrevenuecurvesin2situations,1)Ifafirmisverysmallrelativetothewholemarket.2)Ifafirmhasarelativelylargeshareofthemarket,O,O,AR,MR($),Pe,S,D,D=AR=MR,Q(millions),Q(hundreds),(a)Themarket,ThefirmBeingsosmall,itsoutput,whateveritis,doesnotaffectmarketpriceatall,AverageRevenueandMarginalRevenuecurves(1)ofafirmthatisverySMALLrelativetothewholemarket.(Price-takingfirm),Price($),TR,Quantity(units),020040060080010001200,Price=AR=MR($),5555555,TR($),0100020003000400050006000,TotalRevenuecurve(1)ofafirmthatisverySMALLrelativetothewholemarket.(Price-takingfirm),Q,TR($),Q(units),1234567,P=AR($),8765432,TR($),8141820201814,MR($),6420-2-4,MR,AR,MR($),Quantity,AR,AverageRevenueandMarginalRevenuecurves(2)ofafirmthathasarelativelyLARGEshareofthewholemarket.,Ifsuchafirmwantstosellmore,itcanonlydosobyloweringprice.Ifitchoosestoraiseitsprice,itwillhavetoacceptlowersales.ThereforeAR(price)slopesdownward.HowabouttheMRcurve?,Q(units),1234567,P=AR($),8765432,TR($),8141820201814,MR($),6420-2-4,MR,AR,MR($),Quantity,AR,AverageRevenueandMarginalRevenuecurves(2)ofafirmthathasarelativelyLARGEshareofthewholemarket.,Supposingfirmisselling2unitsat$7each.Itcansellthe3rdunitonlybyreducingthepriceofallunitsto$6.Sellingthe3rdunitgains$6butreducingthepriceofunits1&2loses$1x2=$2.MRtherefore=$6-$2=$4,TR,TR($),Quantity(units),1234567,P=AR($),8765432,TR($),8141820201814,TotalRevenuecurve(2)ofafirmthathasarelativelyLARGEshareofthewholemarket.,Quantity,Revenuecurvesandpriceelasticityofdemand,AR,MR($),Quantity,MR,AR,Revenuecurvesandpriceelasticityofdemand,Recall:a)Whendemandiselasticandpriceisreduced,totalrevenueincreases.TotalrevenueincreasingmeansMRispositiveb)Whendemandisinelasticandpriceisreduce,totalrevenuedecreases.TotalrevenuedecreasingmeansMRisnegative,TR,Elastic,Inelastic,TR($),TRCurveforaFirmFacingaDownward-slopingDemandCurve,Quantity,Revenue,Revenuecurveswhenpricevarieswithoutput(downward-slopingdemandcurve)averagerevenue(AR)marginalrevenue(MR)totalrevenue(TR)revenuecurvesandpriceelasticityofdemandShiftsinrevenuecurves,Hidden,Determininga)Outputwhereprofitismaximisedb)Profitatthatoutput,1)UsingtotalcurvesmaximisingthedifferencebetweenTRandTC2)Usingmarginalandaveragecurves,TR,TC,TP($),TP,TR,TC,Quantity,1)Usingtotalcurves,a)Profitismaximizedwhenoutputis3b)Maximumprofitisd-e,Quantity,Costsandrevenue($),MR,MC,2a)Usingmarginalandaveragecurvestodetermineprofitmaximisingo
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