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1、Chapter8TheInvisibleHandinActionLearningObjectivesDefineandexplainthedifferencesbetweenaccountingandeconomicprofit.Showhoweconomicprofitandeconomiclossaffecttheallocationofresourcesacrossindustries.Explainthedifferencebetweeneconomicprofitandeconomicrent.Usethetheoryoftheinvisi
2、blehandtoanalyzeeventsineverydaylife.Understandandexplaintherelationshipbetweenamarketequilibriumandasocialoptimum.MarketsAreDynamicEverytimeyouseeoneofthesesigns,youseethemarketdynamicsatworkStoreforLeaseGoingOutofBusinessSaleEverythingMustGoNowOpenClose-OutModelUnderNewManage
3、mentTheInvisibleHandIndividualsactintheirowninterestsAggregateoutcomeiscollectivewell-beingProfitmotiveProduceshighlyvaluedgoodsandservicesAllocatesresourcestotheirhighestvalueuseJonStewartdoesnotwaittablesAccountingProfitMostcommonprofitideaAccountingprofit=totalrevenue–explic
4、itcostsExplicitcostsarepaymentsfirmsmaketopurchaseResources(labor,land,etc.)andProductsfromotherfirmsEasytocomputeEasytocompareacrossfirmsEconomicProfitEconomicprofitisthedifferencebetweenafirm'stotalrevenueandthesumofitsexplicitandimplicitcostsAlsocalledexcessprofitsImplicitco
5、stsaretheopportunitycostoftheresourcessuppliedbythefirm'sownersNormalprofitisthedifferencebetweenaccountingprofitandeconomicprofitNormalprofitskeeptheresourcesintheircurrentuseThreeKindsofProfitTotalRevenueExplicitCostsAccountingProfitNormalProfitEconomicProfitExplicitCostsTota
6、lRevenue=ExplicitCosts+AccountingProfitEconomic Profit=AccountingProfit–NormalProfitEconomicProfitsGuideDecisionsPudgeBuffet'sdecision:keepfarmingorquit?Quitfarmingandearn$11,000peryearworkingretailExplicitfarmcostsare$10,000Totalrevenueis$22,000PudgeshouldstickwithfarmingIfrev
7、enuefellbelow$21,000,PudgeshouldquitAccountingProfitEconomicProfitNormalProfit$12,000$1,000$11,000OwnedInputsRentforthefarmlandis$6,000ofthe$10,000inexplicitcostsWhatchangesifPudgeinheritstheland?HisrentpaymentsbecomeanimplicitcostPudgeshouldstickwithfarmingTotalRevenueExplicit
8、CostsImplicitCosts$22,000$4,000$17,000AccountingProfit
