Lecture Economics (19/e) - Chapter 7: Businesses and the costs of production

After reading chapter 7, you should be able to: Explain why economic costs include both explicit (revealed and expressed) costs and implicit (present but not obvious) costs; relate the law of diminishing returns to a firm’s short-run production costs; describe the distinctions between fixed and variable costs and among total, average, and marginal costs; use economies of scale to link a firm’s size and its average costs in the long run. 07 Businesses and the Costs of Production McGrawHill/Irwin

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07 Businesses and the Costs of Production McGrawHill/Irwin Copyright © 2012 by The McGrawHill Companies, Inc. All rights reserved. Economic Costs • The payment that must be made to obtain and retain the services of a resource • Explicit Costs •Monetary payments • Implicit Costs •Value of next best use •Self-owned resources •Includes normal profit LO1 7-2 Accounting Profit and Normal Profit • Accounting profit = Revenue – Explicit Costs • Economic profit = Accounting Profit – Implicit Costs • Economic profit (to summarize) =Total Revenue – Economic Costs =Total Revenue – Explicit Costs – Implicit Costs LO1 7-3 Economic Economic profit Implicit costs (including a normal profit) Explicit costs Profit Accounting profit Accounting costs (explicit costs only) LO1 7-4 Short Run and Long Run • Short Run •Some variable inputs •Fixed plant • Long Run •All inputs are variable •Variable plant •Firms enter and exit LO1 7-5 ... - tailieumienphi.vn

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