平狄克微观经济学课件(英文-(7)

Fernando&YvonnQuijanoPreparedby:©2008PrenticeHallBusinessPublishing•Microeconomics•Pindyck/Rubinfeld,7e.TheCostofProduction7CHAPTERChapter7TheCostofProduction2of50©2008PrenticeHallBusinessPublishing•Microeconomics•Pindyck/Rubinfeld,7e.CHAPTER7OUTLINE7.1MeasuringCost:WhichCostsMatter?7.2CostintheShortRun7.3CostintheLongRun7.4Long-RunversusShort-RunCostCurves7.5ProductionwithTwoOutputs—EconomiesofScope7.6DynamicChangesinCosts—TheLearningCurve7.7EstimatingandPredictingCostChapter7TheCostofProduction3of50©2008PrenticeHallBusinessPublishing•Microeconomics•Pindyck/Rubinfeld,7e.MEASURINGCOST:WHICHCOSTSMATTER?7.1EconomicCostversusAccountingCost●accountingcostActualexpensesplusdepreciationchargesforcapitalequipment.●economiccostCosttoafirmofutilizingeconomicresourcesinproduction,includingopportunitycost.OpportunityCost●opportunitycostCostassociatedwithopportunitiesthatareforgonewhenafirm’sresourcesarenotputtotheirbestalternativeuse.Chapter7TheCostofProduction4of50©2008PrenticeHallBusinessPublishing•Microeconomics•Pindyck/Rubinfeld,7e.MEASURINGCOST:WHICHCOSTSMATTER?7.1SunkCosts●sunkcostExpenditurethathasbeenmadeandcannotberecovered.Becauseasunkcostcannotberecovered,itshouldnotinfluencethefirm’sdecisions.Becauseithasnoalternativeuse,itsopportunitycostiszero.Chapter7TheCostofProduction5of50©2008PrenticeHallBusinessPublishing•Microeconomics•Pindyck/Rubinfeld,7e.7.1TheNorthwesternUniversityLawSchoolhasbeenlocatedinChicago.However,themaincampusislocatedinthesuburbofEvanston.Inthemid-1970s,thelawschoolbeganplanningtheconstructionofanewbuildingandneededtodecideonanappropriatelocation.Shoulditbebuiltonthecurrentsite,neardowntownChicagolawfirms?ShoulditbemovedtoEvanston,physicallyintegratedwiththerestoftheuniversity?Someargueditwascost-effectivetolocatethenewbuildinginthecitybecausetheuniversityalreadyownedtheland.LandwouldhavetobepurchasedinEvanstonifthebuildingweretobebuiltthere.Doesthisargumentmakeeconomicsense?No.Itmakesthecommonmistakeoffailingtoappreciateopportunitycosts.Fromaneconomicpointofview,itisveryexpensivetolocatedowntownbecausethepropertycouldhavebeensoldforenoughmoneytobuytheEvanstonlandwithsubstantialfundsleftover.NorthwesterndecidedtokeepthelawschoolinChicago.MEASURINGCOST:WHICHCOSTSMATTER?Chapter7TheCostofProduction6of50©2008PrenticeHallBusinessPublishing•Microeconomics•Pindyck/Rubinfeld,7e.MEASURINGCOST:WHICHCOSTSMATTER?7.1FixedCostsandVariableCosts●totalcost(TCorC)Totaleconomiccostofproduction,consistingoffixedandvariablecosts.●fixedcost(FC)Costthatdoesnotvarywiththelevelofoutputandthatcanbeeliminatedonlybyshuttingdown.●variablecost(VC)Costthatvariesasoutputvaries.Theonlywaythatafirmcaneliminateitsfixedcostsisbyshuttingdown.Chapter7TheCostofProduction7of50©2008PrenticeHallBusinessPublishing•Microeconomics•Pindyck/Rubinfeld,7e.MEASURINGCOST:WHICHCOSTSMATTER?7.1FixedCostsandVariableCostsShuttingDownShuttingdowndoesn’tnecessarilymeangoingoutofbusiness.Byreducingtheoutputofafactorytozero,thecompanycouldeliminatethecostsofrawmaterialsandmuchofthelabor.Theonlywaytoeliminatefixedcostswouldbetoclosethedoors,turnofftheelectricity,andperhapsevensellofforscrapthemachinery.FixedorVariable?Howdoweknowwhichcostsarefixedandwhicharevariable?Overaveryshorttimehorizon—say,afewmonths—mostcostsarefixed.Oversuchashortperiod,afirmisusuallyobligatedtopayforcontractedshipmentsofmaterials.Overaverylongtimehorizon—say,tenyears—nearlyallcostsarevariable.Workersandmanagerscanbelaidoff(oremploymentcanbereducedbyattrition),andmuchofthemachinerycanbesoldoffornotreplacedasitbecomesobsoleteandisscrapped.Chapter7TheCostofProduction8of50©2008PrenticeHallBusinessPublishing•Microeconomics•Pindyck/Rubinfeld,7e.MEASURINGCOST:WHICHCOSTSMATTER?7.1FixedversusSunkCostsAmortizingSunkCosts●amortizationPolicyoftreatingaone-timeexpenditureasanannualcostspreadoutoversomenumberofyears.Sunkcostsarecoststhathavebeenincurredandcannotberecovered.AnexampleisthecostofR&Dtoapharmaceuticalcompanytodevelopandtestanewdrugandthen,ifthedrughasbeenproventobesafeandeffective,thecostofmarketingit.Whetherthedrugisasuccessorafailure,thesecostscannotberecoveredandthusaresunk.Chapter7TheCostofProduction9of50©2008PrenticeHallBusinessPublishing•Microeconomics•Pindyck/Rubinfeld,7e.MEASURINGCOST:WHICHCOSTSMATTER?7.1Itisimportanttounderstandthecharacteristicsofproductioncostsandtobeabletoidentifywhichcostsarefixed,whicharevariable,andwhicharesunk.Goodexamplesincludethepersonalcomputerindustry(wheremostcostsarevariable),thecomputersoftwareindustry(wheremostcostsaresunk),andthepizzeriabusiness(wheremostcostsarefixed).Becausecomputersareverysimilar,competitionisintense,andprofitabilitydependsontheabilitytokeepcostsdown.Mostimportantarethevariablecostofcomponentsandlabor.Asoftwarefirmwillspendalargeamountofmoneytodevelopanewapplication.Thecompanycantrytorecoupitsinvestmentbysellingasmanycopiesoftheprogramaspossible.Forthepizzeria,sunkcostsarefairlylowbecauseequipmentcanberesoldifthepizzeriagoesoutofbusiness.Variablecostsarelow—mainlytheingredientsforpizzaandperhapswagesforacoupleo