曼昆微观经济学cha

PART5

FIRMBEHAVIORANDTHE

ORGANIZATIONOFINDUSTRY曼昆微观经济学cha共53页，您现在浏览的是第1页!13TheCostsofProduction曼昆微观经济学cha共53页，您现在浏览的是第2页!LearningObjectivesExaminewhatitemsareincludedinafirm’scostsofproductionAnalyzethelinkbetweenafirm’sproductionprocessanditstotalcostsLearnthemeaningofaveragetotalcostandmarginalcostandhowtheyarerelatedConsidertheshapeofatypicalfirm’scostcurvesExaminetherelationshipbetweenshort-runandlong-runcosts曼昆微观经济学cha共53页，您现在浏览的是第3页!TheMarketForcesofSupplyandDemandSupplyanddemandarethetwowordsthateconomistsusemostoften.Supplyanddemandaretheforcesthatmakemarketeconomieswork.Modernmicroeconomicsisaboutsupply,demand,andmarketequilibrium.曼昆微观经济学cha共53页，您现在浏览的是第4页!WHATARECOSTS?TheFirm’sObjectiveTheeconomicgoalofthefirmistomaximizeprofits.MaximumProfits曼昆微观经济学cha共53页，您现在浏览的是第5页!TotalRevenue,TotalCost,andProfitProfit

isthefirm’stotalrevenueminusitstotalcost.Profit=Totalrevenue–Totalcost曼昆微观经济学cha共53页，您现在浏览的是第6页!EconomicProfitversusAccountingProfitEconomistsmeasureafirm’seconomicprofit

astotalrevenueminustotalcost,includingbothexplicitandimplicitcosts.Accountantsmeasuretheaccountingprofit

asthefirm’stotalrevenueminusonlythefirm’sexplicitcosts.曼昆微观经济学cha共53页，您现在浏览的是第7页!Figure1EconomicversusAccountantsCopyright©2004South-WesternRevenueTotalopportunitycostsHowanEconomistViewsaFirmHowanAccountantViewsaFirmRevenueEconomicprofitImplicitcostsExplicitcostsExplicitcostsAccountingprofit曼昆微观经济学cha共53页，您现在浏览的是第8页!TheProductionFunctionMarginalProductThemarginalproduct

ofanyinputintheproductionprocessistheincreaseinoutputthatarisesfromanadditionalunitofthatinput.曼昆微观经济学cha共53页，您现在浏览的是第9页!Figure2HungryHelen’sProductionFunctionCopyright©2004South-WesternQuantityofOutput(cookiesperhour)150140130120110100908070605040302010NumberofWorkersHired012345Productionfunction曼昆微观经济学cha共53页，您现在浏览的是第10页!FromtheProductionFunctiontotheTotal-CostCurveTherelationshipbetweenthequantityafirmcanproduceanditscostsdeterminespricingdecisions.Thetotal-costcurveshowsthisrelationshipgraphically.曼昆微观经济学cha共53页，您现在浏览的是第11页!Figure3HungryHelen’sTotal-CostCurveCopyright©2004South-WesternTotalCost$8070605040302010QuantityofOutput(cookiesperhour)0102030150130110907050401401201008060Total-costcurve曼昆微观经济学cha共53页，您现在浏览的是第12页!FixedandVariableCostsFixedcostsarethosecoststhatdonot

varywiththequantityofoutputproduced.Variablecosts

arethosecoststhatdovary

withthequantityofoutputproduced.曼昆微观经济学cha共53页，您现在浏览的是第13页!Table4TheVariousMeasuresofCost:ThirstyThelma’sLemonadeStandCopyright©2004South-Western曼昆微观经济学cha共53页，您现在浏览的是第14页!FixedandVariableCostsAverageCostsAverageFixedCosts(AFC)AverageVariableCosts(AVC)AverageTotalCosts(ATC)ATC=AFC+AVC曼昆微观经济学cha共53页，您现在浏览的是第15页!Table2TheVariousMeasuresofCost:ThirstyThelma’sLemonadeStandCopyright©2004South-Western曼昆微观经济学cha共53页，您现在浏览的是第16页!MarginalCost曼昆微观经济学cha共53页，您现在浏览的是第17页!Figure4ThirstyThelma’sTotal-CostCurvesCopyright©2004South-WesternTotalCost$15.0014.0013.0012.0011.0010.009.008.007.006.005.004.003.002.001.00QuantityofOutput(glassesoflemonadeperhour)014327659810Total-costcurve曼昆微观经济学cha共53页，您现在浏览的是第18页!CostCurvesandTheirShapesMarginalcostriseswiththeamountofoutputproduced.Thisreflectsthepropertyofdiminishingmarginalproduct.曼昆微观经济学cha共53页，您现在浏览的是第19页!CostCurvesandTheirShapesThebottomoftheU-shapedATCcurveoccursatthequantitythatminimizesaveragetotalcost.Thisquantityissometimescalledtheefficientscale

ofthefirm.曼昆微观经济学cha共53页，您现在浏览的是第20页!CostCurvesandTheirShapesRelationshipbetweenMarginalCostandAverageTotalCostWhenevermarginalcostislessthanaveragetotalcost,averagetotalcostisfalling.Whenevermarginalcostisgreaterthanaveragetotalcost,averagetotalcostisrising.Themarginal-costcurvecrossestheaverage-total-costcurveattheefficientscale.Efficientscaleisthequantitythatminimizesaveragetotalcost.曼昆微观经济学cha共53页，您现在浏览的是第21页!TypicalCostCurvesItisnowtimetoexaminetherelationshipsthatexistbetweenthedifferentmeasuresofcost.曼昆微观经济学cha共53页，您现在浏览的是第22页!Figure6BigBob’sCostCurvesCopyright©2004South-Western(a)Total-CostCurve$18.0016.0014.0012.0010.008.006.004.00QuantityofOutput(bagelsperhour)TC42681412102.00TotalCost0曼昆微观经济学cha共53页，您现在浏览的是第23页!TypicalCostCurvesThreeImportantPropertiesofCostCurvesMarginalcosteventuallyriseswiththequantityofoutput.Theaverage-total-costcurveisU-shaped.Themarginal-costcurvecrossestheaverage-total-costcurveattheminimumofaveragetotalcost.曼昆微观经济学cha共53页，您现在浏览的是第24页!COSTSINTHESHORTRUNANDINTHELONGRUNBecausemanycostsarefixedintheshortrunbutvariableinthelongrun,afirm’slong-runcostcurvesdifferfromitsshort-runcostcurves.曼昆微观经济学cha共53页，您现在浏览的是第25页!EconomiesandDiseconomiesofScaleEconomiesofscale

refertothepropertywherebylong-runaveragetotalcostfallsasthequantityofoutputincreases.Diseconomiesofscale

refertothepropertywherebylong-runaveragetotalcostrisesasthequantityofoutputincreases.Constantreturnstoscale

referstothepropertywherebylong-runaveragetotalcoststaysthesameasthequantityofoutputincreases曼昆微观经济学cha共53页，您现在浏览的是第26页!SummaryThegoaloffirmsistomaximizeprofit,whichequalstotalrevenueminustotalcost.Whenanalyzingafirm’sbehavior,itisimportanttoincludealltheopportunitycostsofproduction.Someopportunitycostsareexplicitwhileotheropportunitycostsareimplicit.曼昆微观经济学cha共53页，您现在浏览的是第27页!SummaryAveragetotalcostistotalcostdividedbythequantityofoutput.Marginalcostistheamountbywhichtotalcostwouldriseifoutputwereincreasedbyoneunit.Themarginalcostalwaysriseswiththequantityofoutput.Averagecostfirstfallsasoutputincreasesandthenrises.曼昆微观经济学cha共53页，您现在浏览的是第28页!WHATARECOSTS?AccordingtotheLawofSupply:Firmsarewillingtoproduceandsellagreaterquantityofagoodwhenthepriceofthegoodishigh.Thisresultsinasupplycurvethatslopesupward.曼昆微观经济学cha共53页，您现在浏览的是第29页!TotalRevenue,TotalCost,andProfitTotalRevenueTheamountafirmreceivesforthesaleofitsoutput.TotalCostThemarketvalueoftheinputsafirmusesinproduction.曼昆微观经济学cha共53页，您现在浏览的是第30页!CostsasOpportunityCostsAfirm’scostofproductionincludesalltheopportunitycostsofmakingitsoutputofgoodsandservices.ExplicitandImplicitCostsAfirm’scostofproductionincludeexplicitcostsandimplicitcosts.Explicit

costsareinputcoststhatrequireadirectoutlayofmoneybythefirm.Implicit

costsareinputcoststhatdonotrequireanoutlayofmoneybythefirm.曼昆微观经济学cha共53页，您现在浏览的是第31页!EconomicProfitversusAccountingProfitWhentotalrevenueexceedsbothexplicitandimplicitcosts,thefirmearnseconomic

profit.Economicprofitissmallerthanaccountingprofit.曼昆微观经济学cha共53页，您现在浏览的是第32页!PRODUCTIONANDCOSTSTheProductionFunctionTheproductionfunction

showstherelationshipbetweenquantityofinputsusedtomakeagoodandthequantityofoutputofthatgood.曼昆微观经济学cha共53页，您现在浏览的是第33页!TheProductionFunctionDiminishingMarginalProductDiminishingmarginalproduct

isthepropertywherebythemarginalproductofaninputdeclinesasthequantityoftheinputincreases.Example:Asmoreandmoreworkersarehiredatafirm,eachadditionalworkercontributeslessandlesstoproductionbecausethefirmhasalimitedamountofequipment.曼昆微观经济学cha共53页，您现在浏览的是第34页!TheProductionFunctionDiminishingMarginalProduct

Theslopeoftheproductionfunctionmeasuresthemarginalproductofaninput,suchasaworker.Whenthemarginalproductdeclines,theproductionfunctionbeesflatter.曼昆微观经济学cha共53页，您现在浏览的是第35页!Table3AProductionFunctionandTotalCost:HungryHelen’sCookieFactoryCopyright©2004South-Western曼昆微观经济学cha共53页，您现在浏览的是第36页!THEVARIOUSMEASURESOFCOSTCostsofproductionmaybedividedintofixedcosts

andvariablecosts.曼昆微观经济学cha共53页，您现在浏览的是第37页!FixedandVariableCostsTotalCostsTotalFixedCosts(TFC)TotalVariableCosts(TVC)TotalCosts(TC)TC=TFC+TVC曼昆微观经济学cha共53页，您现在浏览的是第38页!FixedandVariableCostsAverageCostsAveragecostscanbedeterminedbydividingthefirm’scostsbythequantityofoutputitproduces.Theaveragecostisthecostofeachtypicalunitofproduct.曼昆微观经济学cha共53页，您现在浏览的是第39页!AverageCosts曼昆微观经济学cha共53页，您现在浏览的是第40页!FixedandVariableCostsMarginalCostMarginalcost

(MC)measurestheincreaseintotalcostthatarisesfromanextraunitofproduction.Marginalcosthelpsanswerthefollowingquestion:Howmuchdoesitcosttoproduceanadditionalunitofoutput?曼昆微观经济学cha共53页，您现在浏览的是第41页!MarginalCost

ThirstyThelma’sLemonadeStand曼昆微观经济学cha共53页，您现在浏览的是第42页!Figure5ThirstyThelma’sAverage-CostandMarginal-CostCurvesCopyright©2004South-WesternCosts$3.503.253.002.752.502.252.001.751.501.251.000.750.500.25QuantityofOutput(glassesoflemonadeperhour)014327659810MCATCAVCAFC曼昆微观经济学cha共53页，您现在浏览的是第43页!CostCurvesandTheirShapesTheaveragetotal-costcurveisU-shaped.Atverylowlevelsofoutputaveragetotalcostishighbecausefixedcostisspreadoveronlyafewunits.Averagetotalcostdeclinesasoutputincreases.Averagetotalcoststartsrisingbecauseaveragevariablecostrisessubstantially.曼昆微观经济学cha共53页，您现在浏览的是第44页!Figure5ThirstyThelma’sAverage-CostandMarginal-CostCurvesCopyright©2004South-WesternCosts$3.503.253.002.752.502.252.001.751.501.251.000.750.500.25QuantityofOutput(glassesoflemonadeperhour)014327659810ATC曼昆微观经济学cha共53页，您现在浏览的是第45页!Figure5ThirstyThelma’sAverage-CostandMarginal-CostCurvesCopyright©2004South-WesternCosts$3.503.253.002.752.502.252.001.751.501.251.000.750.500.25QuantityofOutput(glassesoflemonadeperhour)014327659810ATCMC曼昆微观经济学cha共53页，您现在浏览的是第46页!BigBob’sCostCurves曼昆微观经济学cha共53页，您现在浏览的是第47页!Figure6BigBob’sCostCurvesCopyright©2004South-Western(b)Marginal-andAverage-CostCurvesQuantityofOutput(bagelsperhour)Costs$3.002.502.001.501.000.5004268141210MCATCAVCAFC曼昆微观经济学cha共53页，您现在浏览的是第48页!COSTSINTHESHORTRUNANDINTHELONGRUNFormanyfirms,thedivisionoftotalcostsbetweenfixedandvariablecostsdependsonthetimehorizonbeingconsidered.Intheshortrun,somecostsarefixed.Inthelongrun,fixedcostsbeevariablecosts.曼昆微观经济学cha共53页，您现在浏览的是第49页!Figure7AverageTotalCostintheShortandLongRunCopyright©2004South-WesternQuantityofCarsperDay0AverageTotalCost1,200$12,000ATCinshortrunwithsmallfactoryATC