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1、Cost8LearningObjectivesAfterreadingthischapter,studentsshouldbeableto:}Describevarioustypesofcostandthecharacteristicsofeach.}Identifyafirm’sleast-costinputchoice,andthefirm’scostfunction,intheshort-andlong-run.}Understandtheconceptsofaverageandmarginalcost.}Describetheeffecto
2、faninputpricechangeonthefirm’sleast-costinputcombination.}Explaintherelationshipbetweenshort-runandlong-runcostwithoneormorevariableinputs.}Defineeconomiesanddiseconomiesofscaleandexplaintheirrela-tionshiptotheconceptofreturnstoscale.ichaelDellbegansellingpersonalcomputersout
3、ofhisdormroomasanunder-MgraduateattheUniversityofTexasatAustin.In1984,with$1,000instart-upfunds,hefoundedDellComputerCorporation.DellsawgreatinefficienciesintheoperationsofgiantrivalslikeIBMandCompaq.Inresponse,hepioneereddirect-to-consumermarketingofcomputers.Cuttingoutmid-
4、dlemensuchaswholesalersandretailers,hepushedhiscompanytoproducePCsatthelowestpossiblecost.Thisstrategyrequiredsomegutsyandinsightfuldecisions,whichwe’llexaminelaterinthechapter.Today,successinthePCmarketrequireshigh-qualitymanufacturingatcoststhatareatorbelowthoseofcompetit
5、ors.BecauseDellunderstoodthispointearlyon,hiscompanyprofitedhandsomely.In2004DellComputerCorporation’ssalestotaled$49.2billion,andMichaelDell’spersonalnetworthwasmorethan$14billion.InChapter7,westudiedtechnologyandproduction.Oncemanagersunderstandhowtheycanproducetheirproduc
6、ts,likeDelltheyneedtofigureouthowtodosointhemosteconomicalway.Inthischapterwe’llstudythisproblembycoveringninetopics:MichaelDell249ber00279_c08_249-292.indd249CONFIRMINGPAGES10/10/079:23:30AM250PartIIEconomicDecisionMaking1.Typesofcost.Somecostsvarywiththeamountproduced,whil
7、eothersdonot.Inaddition,somecostsmaybeavoidedbyshuttingdownproduction,whileothersareunavoidable.Welldiscussthesedistinctionsandintroducethenotionofafirmscostfunction.2.Whatdoeconomiccostsinclude?Sometimesthecostsafirmincursarentimmediatelyobvious.Afirmstruecostsincludenotonlyi
8、tsout-of-pocketexpenditures,butalsothecostsitincursbyforgoingopportunitiestouseres
