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CH 7

CH 7. Cost and cost Minimization. Preview. 1. economic cost ~opportunity cost 2. sunk and nonsunk cost 3. Short run cost : Fixed cost, variable cost and nonsunl cost 4. Long run cost minimization :. Explicit and implicit costs.

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CH 7

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  1. CH 7 • Cost and cost Minimization

  2. Preview • 1. economic cost ~opportunity cost • 2. sunk and nonsunk cost • 3. Short run cost : Fixed cost, variable cost and nonsunl cost • 4. Long run cost minimization :

  3. Explicit and implicit costs • What is the cost to an airline of using one of its planes in scheduled passenger service ? • Explicit costs: fuel, crew salaries , maintenance, airport fees, food, drinks • Implicit costs: 放棄的租金

  4. 機會成本 • The value of the next best alternative that is forgone when another alterative is chosen • 店要關門大吉? • 繼續經營的花費=100,000(勞工) +80,000(原料) +您的投入(包括勞動與資金)的機會成本(75,000)=255,000

  5. 機會成本(looking forward) • Forward looking • It measures the value that the decision maker sacrificed at the time the decision is made and beyond • 汽車廠已購入鋼片(sheet steel) =存貨價值=1,000,000 • 這些剛片可以用於製造汽車或是出售 • 若出售, 可賣1,200,000 • 用於製造汽車的機會成本? • =1,200,000(決策制定時放棄的價值)不等於會計成本1,000,000

  6. 會計與經濟學的橋樑:財管 • 第35號公報 • 第10號公報 • 員工入股分紅

  7. Also depends on the decision being made • 還沒買鋼時, 買鋼的機會成本=? • 1,000,000

  8. 讀碩專的機會成本=? • 讀碩專的成本= • 學費的機會成本 • 時間價值的機會成本 • ,……whatelses ~上碩專課壓力較大, ~教大學部血壓較高 • 讀博士的成本:

  9. Accounting costs and economic costs • Accounting costs: the total of explicit costs that have been incurred in the past To serve an audience outside the firm • Economic costs: the sum of the firm’s explicit costs and implicit costs • 開店預估營收< economic cost: 不開

  10. 短期成本分析 • 1. fixed costs and variable costs • 2. fixed costs :sunk costs and nonsunk costs

  11. Sunk cost vs nonsunk cost • Sunk costs: costs that have already been incurred and cannot be recovered • Nonsunk costs: costs that are incurred only if a particular decision is made • Example: 買電影票看電影, 不好看, 電影票已經買了, cannot be recovered • 但是你可以提前離場, 省去時間成本 (nonsunk costs)

  12. Sunk and nonsunk fixed costs • 海角七號:不賣座 , 劇本的剩餘價值=? • 不要廣告了:

  13. Sunk costs and nonsunk costs • Example : 已繳學費=學雜費+學分費 • 何者是sunk costs, nonsunk costs, • 食之無味, 棄之可惜!~套牢

  14. Sunk costs and nonsunk costs • Example : 保齡球工廠(specified that it has no alterative uses)專屬, 投資需500萬 • In deciding whether to build the factory, 500萬 is a non sunk cost • After the factory is built, 500 萬 is a sunk cost • 專屬投資的產業, 比較會導致激烈競爭, because Exit cost is high ! 如 DRAM, TFT-LCD

  15. Sunk cost vs fixed cost • Fixed costs 與 variable costs 是短期的概念 • Fixed and sunk costs : output insensitive and unavoidable, even if the firm produces zero output: 例如, 只有特定用途的專屬設備 • 買了電影票, 看到一半, 很難看, 這票還有其他使用價值? • Fixed and nonsunk costs: outputs insensitive, but avoidable if the firm produces zero output. 例如, 教室的電費, 或是有人願意買或承租的設備 • 只有一名,上課要不要開燈? 2名, 3,….

  16. Quiz 0324 • What mistakes Sparky did in his late career ?

  17. Variable cost vs fixed cost • 只有一名乘客, 航班要不要飛: 要 • 油料成本就是nonsunk cost, 餐點就是variable cost • 當有兩名時, nonsunk cost 一樣, 但是總變動成本增加 • Fixed costs 與 variable costs 是短期的概念 • Variable costs: 一定是nonsunk? Output sensitive, 例如 labor, materials • Fixed costs: the cost of fixed inputs: it does not vary with output

  18. Besanko & Braeutigam/Microeconomics: An Integrated Approach Chapter 7, Figure 07-13 FIGURE 7-13 Classifying Inputs and Costs in the Short Run

  19. 帳戶管理費要收? • 1. 有話好説? • 2. 電子報 • 3. 不能加入存保?

  20. Long run cost minimization

  21. Cost minimization • Long run: the period of time that is long enough for the firm to vary the quantities of all of its inputs as much as it desires • Short run : the period of time in which at least one of the firm’s input quantities cannot be changed

  22. Long run cost minimization

  23. 找 最低成本線 such that • 在等產量線上

  24. Besanko & Braeutigam/Microeconomics: An Integrated Approach Chapter 7, Figure 07-01 FIGURE 7-1 Isocost Lines

  25. Besanko & Braeutigam/Microeconomics: An Integrated Approach Chapter 7, Figure 07-01 FIGURE 7-1 Isocost Lines

  26. Besanko & Braeutigam/Microeconomics: An Integrated Approach Chapter 7, Figure 07-02 FIGURE 7-2 Cost-Minimizing Input Combination

  27. 經濟涵義

  28. 角解

  29. Besanko & Braeutigam/Microeconomics: An Integrated Approach Chapter 7, Figure 07-03 FIGURE 7-3 Corner-Point Solution to the Cost-Minimization Problem

  30. 比較靜態 • 要素價格改變 • 產量改變

  31. Besanko & Braeutigam/Microeconomics: An Integrated Approach Chapter 7, Figure 07-05 FIGURE 7-5 Comparative Statics Analysis of Cost-Minimization Problem with Respect to the Price of Labor

  32. CASE • Supertanker 1, 2 • Offshoring cost

  33. Besanko & Braeutigam/Microeconomics: An Integrated Approach Chapter 7, Figure 07-06 FIGURE 7-6 Comparative Statics Analysis of the Cost-Minimization Problem with Respect to the Price of Labor for a Fixed-Proportions Production Function

  34. Besanko & Braeutigam/Microeconomics: An Integrated Approach Chapter 7, Figure 07-08 FIGURE 7-8 Comparative Statics Analysis of Cost-Minimization Problem with Respect to Quantity: Normal Inputs

  35. Besanko & Braeutigam/Microeconomics: An Integrated Approach Chapter 7, Figure 07-09 FIGURE 7-9 Comparative Statics Analysis of Cost-Minimization Problem with Respect to Quantity: Labor is an Inferior Input

  36. Besanko & Braeutigam/Microeconomics: An Integrated Approach Chapter 7, Figure 07-10 FIGURE 7-10 Burke Mills Revisited

  37. 要素需求

  38. Besanko & Braeutigam/Microeconomics: An Integrated Approach Chapter 7, Figure 07-11 FIGURE 7-11 Labor Demand Curve

  39. 要素需求價格彈性

  40. (Figure continues on next slide) Besanko & Braeutigam/Microeconomics: An Integrated Approach Chapter 7, Figure 07-12 FIGURE 7-12 The Price Elasticity of Demand for Labor Depends on the Elasticity of Substitution Between Labor and Capital

  41. Besanko & Braeutigam/Microeconomics: An Integrated Approach Chapter 7, Figure 07-12 FIGURE 7-12 (Continued)

  42. Short-run Cost minimization

  43. Besanko & Braeutigam/Microeconomics: An Integrated Approach Chapter 7, Figure 07-13 FIGURE 7-13 Classifying Inputs and Costs in the Short Run

  44. Besanko & Braeutigam/Microeconomics: An Integrated Approach Chapter 7, Figure 07-14 FIGURE 7-14 Short-run Cost Minimization with One Variable Input

  45. F點(短期)比A點(長期)成本高

  46. Besanko & Braeutigam/Microeconomics: An Integrated Approach Chapter 7, Figure 07-15 FIGURE 7-15 Short-run Input Demand versus Long-run Input Demand

  47. Besanko & Braeutigam/Microeconomics: An Integrated Approach Chapter 7, Figure 07-16 FIGURE 7-16 Short-Run Cost Minimizing Input Combination with Two Variable Inputs

  48. More than one variable input with one fixed input

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