曼昆微观经济学英文版13costs_production.ppt

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1、5FIRMBEHAVIORANDTHEORGANIZATIONOFINDUSTRY13TheCostsofProductionTheMarketForcesofSupplyandDemandSupplyanddemandarethetwowordsthateconomistsusemostoften.Supplyanddemandaretheforcesthatmakemarketeconomieswork.Modernmicroeconomicsisaboutsupply,demand,andmarket

2、equilibrium.WHATARECOSTS?AccordingtotheLawofSupply:Firmsarewillingtoproduceandsellagreaterquantityofagoodwhenthepriceofthegoodishigh.Thisresultsinasupplycurvethatslopesupward.WHATARECOSTS?TheFirm’sObjectiveTheeconomicgoalofthefirmistomaximizeprofits.Maximum

3、ProfitsTotalRevenue,TotalCost,andProfitTotalRevenueTheamountafirmreceivesforthesaleofitsoutput.TotalCostThemarketvalueoftheinputsafirmusesinproduction.TotalRevenue,TotalCost,andProfitProfitisthefirm’stotalrevenueminusitstotalcost.Profit=Totalrevenue-Totalco

4、stCostsasOpportunityCostsAfirm’scostofproductionincludesalltheopportunitycostsofmakingitsoutputofgoodsandservices.ExplicitandImplicitCostsAfirm’scostofproductionincludeexplicitcostsandimplicitcosts.Explicitcostsareinputcoststhatrequireadirectoutlayofmoneyby

5、thefirm.Implicitcostsareinputcoststhatdonotrequireanoutlayofmoneybythefirm.EconomicProfitversusAccountingProfitEconomistsmeasureafirm’seconomicprofitastotalrevenueminustotalcost,includingbothexplicitandimplicitcosts.Accountantsmeasuretheaccountingprofitasth

6、efirm’stotalrevenueminusonlythefirm’sexplicitcosts.EconomicProfitversusAccountingProfitWhentotalrevenueexceedsbothexplicitandimplicitcosts,thefirmearnseconomicprofit.Economicprofitissmallerthanaccountingprofit.Figure1EconomicversusAccountantsCopyright©2004S

7、outh-WesternRevenueTotalopportunitycostsHowanEconomistViewsaFirmHowanAccountantViewsaFirmRevenueEconomicprofitImplicitcostsExplicitcostsExplicitcostsAccountingprofitTable1AProductionFunctionandTotalCost:HungryHelen’sCookieFactoryCopyright©2004South-WesternP

8、RODUCTIONANDCOSTSTheProductionFunctionTheproductionfunctionshowstherelationshipbetweenquantityofinputsusedtomakeagoodandthequantityofoutputofthatgood.TheProductionFunctionMarginalProductThemarginalprod