曼昆微观经济学.pptx
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1、会计学1曼昆微观经济学曼昆微观经济学Learning Objectivesn nExamine what items are included in a firms costs of productionn nAnalyze the link between a firms production process and its total costsn nLearn the meaning of average total cost and marginal cost and how they are relatedn nConsider the shape of a typical firm
2、s cost curvesn nExamine the relationship between short-run and long-run costs第1页/共52页The Market Forces of Supply and Demandn nSupply and demand are the two words that economists use most often.n nSupply and demand are the forces that make market economies work.n nModern microeconomics is about suppl
3、y,demand,and market equilibrium.第2页/共52页WHAT ARE COSTS?n nAccording to the Law of Supply:n nFirms are willing to produce and sell a greater Firms are willing to produce and sell a greater quantity of a good when the price of the good is quantity of a good when the price of the good is high.high.n nT
4、his results in a supply curve that slopes upward.This results in a supply curve that slopes upward.第3页/共52页WHAT ARE COSTS?n nThe Firms Objectiven nThe economic goal of the firm is to maximize The economic goal of the firm is to maximize profits.profits.第4页/共52页Total Revenue,Total Cost,and ProfitTota
5、l Revenue,Total Cost,and Profitn nTotal Revenuen nThe amount a firm receives for the sale of its output.The amount a firm receives for the sale of its output.n nTotal Costn nThe market value of the inputs a firm uses in The market value of the inputs a firm uses in production.production.第5页/共52页Tota
6、l Revenue,Total Cost,and ProfitTotal Revenue,Total Cost,and Profitn nProfit is the firms total revenue minus its total cost.Profit=Total revenue Total costProfit=Total revenue Total cost第6页/共52页Costs as Opportunity CostsCosts as Opportunity Costsn nA firms cost of production includes all the opportu
7、nity costs of making its output of goods and services.n nExplicit and Implicit Costsn nA firms cost of production include explicit costs and A firms cost of production include explicit costs and implicit costs.implicit costs.n nExplicitExplicit costs are input costs that require a direct outlay of c
8、osts are input costs that require a direct outlay of money by the firm.money by the firm.n nImplicitImplicit costs are input costs that do not require an outlay costs are input costs that do not require an outlay of money by the firm.of money by the firm.第7页/共52页Economic Profit versus Accounting Pro
9、fitEconomic Profit versus Accounting Profitn nEconomists measure a firms economic profit as total revenue minus total cost,including both explicit and implicit costs.n nAccountants measure the accounting profit as the firms total revenue minus only the firms explicit costs.第8页/共52页Economic Profit ve
10、rsus Accounting ProfitEconomic Profit versus Accounting Profitn nWhen total revenue exceeds both explicit and implicit costs,the firm earns economic profit.n nEconomic profit is smaller than accounting profit.Economic profit is smaller than accounting profit.第9页/共52页Figure 1 Economic versus Accounta
11、ntsFigure 1 Economic versus AccountantsCopyright 2004 South-WesternRevenueTotalopportunitycostsHow an EconomistViews a FirmHow an AccountantViews a FirmRevenueEconomicprofitImplicitcostsExplicitcostsExplicitcostsAccountingprofit第10页/共52页PRODUCTION AND COSTSn nThe Production Functionn nThe The produc
12、tion functionproduction function shows the relationship between shows the relationship between quantity of inputs used to make a good and the quantity of inputs used to make a good and the quantity of output of that good.quantity of output of that good.第11页/共52页The Production Function The Production
13、 Function n nMarginal Productn nThe The marginal productmarginal product of any input in the production of any input in the production process is the increase in output that arises from an process is the increase in output that arises from an additional unit of that input.additional unit of that inp
14、ut.第12页/共52页The Production Function n nDiminishing Marginal Productn nDiminishing marginal productDiminishing marginal product is the property whereby is the property whereby the marginal product of an input declines as the the marginal product of an input declines as the quantity of the input incre
15、ases.quantity of the input increases.n nExample:As more and more workers are hired at a firm,Example:As more and more workers are hired at a firm,each additional worker contributes less and less to each additional worker contributes less and less to production because the firm has a limited amount o
16、f production because the firm has a limited amount of equipment.equipment.第13页/共52页Figure 2 Hungry Helens Production FunctionFigure 2 Hungry Helens Production FunctionCopyright 2004 South-WesternQuantity ofOutput(cookiesper hour)150140130120110100908070605040302010Number of Workers Hired012345Produc
17、tion function第14页/共52页The Production Function The Production Function n nDiminishing Marginal Product n nThe slope of the production function measures the The slope of the production function measures the marginal product of an input,such as a worker.marginal product of an input,such as a worker.n n
18、When the marginal product declines,the production When the marginal product declines,the production function becomes flatter.function becomes flatter.第15页/共52页From the Production Function to the Total-Cost CurveFrom the Production Function to the Total-Cost Curven nThe relationship between the quant
19、ity a firm can produce and its costs determines pricing decisions.n nThe total-cost curve shows this relationship graphically.第16页/共52页Table 3 A Production Function and Total Cost:Hungry Table 3 A Production Function and Total Cost:Hungry Helens Cookie FactoryHelens Cookie FactoryCopyright2004 South
20、-Western第17页/共52页Figure 3 Hungry Helens Total-Cost CurveFigure 3 Hungry Helens Total-Cost CurveCopyright 2004 South-WesternTotalCost$8070605040302010Quantityof Output(cookies per hour)01020 30150130110907050401401201008060Total-costcurve第18页/共52页THE VARIOUS MEASURES OF COSTn nCosts of production may
21、 be divided into fixed costs and variable costs.第19页/共52页Fixed and Variable CostsFixed and Variable Costsn nFixed costs are those costs that do not vary with the quantity of output produced.n nVariable costs are those costs that do vary with the quantity of output produced.第20页/共52页Fixed and Variabl
22、e CostsFixed and Variable Costsn nTotal Costsn nTotal Fixed Costs(Total Fixed Costs(TFCTFC)n nTotal Variable Costs(Total Variable Costs(TVCTVC)n nTotal Costs(Total Costs(TCTC)n nTCTC=TFCTFC+TVCTVC第21页/共52页Table 4 The Various Measures of Cost:Thirsty Thelmas Table 4 The Various Measures of Cost:Thirs
23、ty Thelmas Lemonade StandLemonade StandCopyright2004 South-Western第22页/共52页Fixed and Variable CostsFixed and Variable Costsn nAverage Costsn nAverage costs can be determined by dividing the Average costs can be determined by dividing the firms costs by the quantity of output it produces.firms costs
24、by the quantity of output it produces.n nThe average cost is the cost of each typical unit of The average cost is the cost of each typical unit of product.product.第23页/共52页Fixed and Variable CostsFixed and Variable Costsn nAverage Costsn nAverage Fixed Costs(Average Fixed Costs(AFCAFC)n nAverage Var
25、iable Costs(Average Variable Costs(AVCAVC)n nAverage Total Costs(Average Total Costs(ATCATC)n nATCATC=AFCAFC+AVCAVC第24页/共52页Average CostsAverage Costs第25页/共52页Table 2 The Various Measures of Cost:Thirsty Table 2 The Various Measures of Cost:Thirsty Thelmas Lemonade StandThelmas Lemonade StandCopyrig
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