'Long run cost curves' presentation slideshows

Firm Theory: production functions, cost curves and profit maximization

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Firm Theory: production functions, cost curves and profit maximization

617 views • 38 slides

PPA 723: Managerial Economics

PPA 723: Managerial Economics. Lecture 11: Costs. Managerial Economics, Lecture 11: Costs. Outline Short-Run Cost Curves The Input Mix Decision Long-Run Cost Curves. Managerial Economics, Lecture 11: Costs. Review Short run production concepts: Total, average, and marginal products.

716 views • 37 slides

Cost of Production

Cost of Production. Total Revenue (TR) Total amount a firm receives for the sale of its output Total Cost (TC) Total amount a firm pays for the inputs to produce its output Profit (?) Total Revenue minus total cost ? = TR - TC. Type of Cost. Accounting Cost verses Economic Cost

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Long Run Cost Curves

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CDAE 254 - Class 20 Nov. 1 Last class: Problem set 5 6. Costs Quiz 5 Today:

CDAE 254 - Class 20 Nov. 1 Last class: Problem set 5 6. Costs Quiz 5 Today: Result of Quiz 5 6. Costs Next class: 7. Profit maximization and supply Quiz 6 (Chapter 6) Important date: Problem set 5: due today. Result of Quiz 5.

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Long Run Cost Curves

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The Nature of Costs

The Nature of Costs. Explicit Costs Accounting Costs Economic Costs Implicit Costs Alternative or Opportunity Costs Relevant Costs Incremental Costs Sunk Costs are Irrelevant. Short-Run Cost Functions. Total Cost = TC = f(Q) Total Fixed Cost = TFC Total Variable Cost = TVC

565 views • 13 slides