پاورپوینت کامل Chapter 7 The Cost of Production 142 اسلاید در PowerPoint

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پاورپوینت کامل Chapter 7 The Cost of Production 142 اسلاید در PowerPoint

اسلاید ۴: Chapter 7Slide 4IntroductionThe production technology measures the relationship between input and output.Given the production technology, managers must choose how to produce.

اسلاید ۵: Chapter 7Slide 5IntroductionTo determine the optimal level of output and the input combinations, we must convert from the unit measurements of the production technology to dollar measurements or costs.

اسلاید ۶: Chapter 7Slide 6Measuring Cost: Which Costs MatterAccounting CostActual expenses plus depreciation charges for capital equipmentEconomic CostCost to a firm of utilizing economic resources in production, including opportunity costEconomic Cost vs. Accounting Cost

اسلاید ۷: Chapter 7Slide 7Opportunity cost.Cost associated with opportunities that are foregone when a firm’s resources are not put to their highest-value use.Measuring Cost: Which Costs Matter

اسلاید ۸: Chapter 7Slide 8An ExampleA firm owns its own building and pays no rent for office spaceDoes this mean the cost of office space is zeroMeasuring Cost: Which Costs Matter

اسلاید ۹: Chapter 7Slide 9Sunk CostExpenditure that has been made and cannot be recoveredShould not influence a firm’s decisions.Measuring Cost: Which Costs Matter

اسلاید ۱۰: Chapter 7Slide 10An ExampleA firm pays $500,000 for an option to buy a building.The cost of the building is $5 million or a total of $5.5 million.The firm finds another building for $5.25 million.Which building should the firm buyMeasuring Cost: Which Costs Matter

اسلاید ۱۱: Chapter 7Slide 11Choosing the Location for a New Law School BuildingNorthwestern University Law School1) Current location in downtown Chicago2) Alternative location in Evanston with the main campus

اسلاید ۱۲: Chapter 7Slide 12Northwestern University Law School3) Choosing a SiteLand owned in ChicagoMust purchase land in EvanstonChicago location might appear cheaper without considering the opportunity cost of the downtown land (i.e. what it could be sold for)Choosing the Location for a New Law School Building

اسلاید ۱۳: Chapter 7Slide 13Northwestern University Law School3) Choosing a SiteChicago location chosen–very costly Justified only if there is some intrinsic values associated with being in ChicagoIf not, it was an inefficient decision if it was based on the assumption that the downtown land was “free”Choosing the Location for a New Law School Building

اسلاید ۱۴: Chapter 7Slide 14Total output is a function of variable inputs and fixed inputs. Therefore, the total cost of production equals the fixed cost (the cost of the fixed inputs) plus the variable cost (the cost of the variable inputs), or…Measuring Cost: Which Costs MatterFixed and Variable Costs

اسلاید ۱۵: Chapter 7Slide 15Fixed CostDoes not vary with the level of outputVariable Cost Cost that varies as output variesMeasuring Cost: Which Costs MatterFixed and Variable Costs

اسلاید ۱۶: Chapter 7Slide 16Fixed CostCost paid by a firm that is in business regardless of the level of outputSunk Cost Cost that have been incurred and cannot be recoveredMeasuring Cost: Which Costs Matter

اسلاید ۱۷: Chapter 7Slide 17Personal Computers: most costs are variable Components, laborSoftware: most costs are sunkCost of developing the softwareMeasuring Cost: Which Costs Matter

اسلاید ۱۸: Chapter 7Slide 18PizzaLargest cost component is fixedMeasuring Cost: Which Costs Matter

اسلاید ۱۹: A Firm’s Short-Run Costs ($)050 050————1505010050505010025078128282539643516.732.749.34501121621412.52840.555013018018102636650150200208.32533.3750175225257.12532.1850204254296.325.531.8950242292385.626.932.4105030035058530351150385435854.53539.5Rate ofFixedVariableTotalMarginalAverageAverageAverageOutputCostCostCostCostFixedVariableTotal(FC)(VC)(TC)(MC)CostCostCost(AFC)(AVC)(ATC)

اسلاید ۲۰: Chapter 7Slide 20Cost in the Short RunMarginal Cost (MC) is the cost of expanding output by one unit. Since fixed cost have no impact on marginal cost, it can be written as:

اسلاید ۲۱: Chapter 7Slide 21Cost in the Short RunAverage Total Cost (ATC) is the cost per unit of output, or average fixed cost (AFC) plus average variable cost (AVC). This can be written:

اسلاید ۲۲: Chapter 7Slide 22Cost in the Short RunAverage Total Cost (ATC) is the cost per unit of output, or average fixed cost (AFC) plus average variable cost (AVC). This can be written:

اسلاید ۲۳: Chapter 7Slide 23Cost in the Short RunThe Determinants of Short-Run CostThe relationship between the production function and cost can be exemplified by either increasing returns and cost or decreasing returns and cost.

اسلاید ۲۴: Chapter 7Slide 24Cost in the Short RunThe Determinants of Short-Run CostIncreasing returns and costWith increasing returns, output is increasing relative to input and variable cost and total cost will fall relative to output.Decreasing returns and costWith decreasing returns, output is decreasing relative to input and variable cost and total cost will rise relative to output.

اسلاید ۲۵: Chapter 7Slide 25Cost in the Short RunFor Example: Assume the wage rate (w) is fixed relative to the number of workers hired. Then:

اسلاید ۲۶: Chapter 7Slide 26Cost in the Short RunContinuing:

اسلاید ۲۷: Chapter 7Slide 27Cost in the Short RunContinuing:

اسلاید ۲۸: Chapter 7Slide 28Cost in the Short RunIn conclusion:…and a low marginal product (MP) leads to a high marginal cost (MC) and vise versa.

اسلاید ۲۹: Chapter 7Slide 29Cost in the Short RunConsequently (from the table):MC decreases initially with increasing returns 0 through 4 units of outputMC increases with decreasing returns5 through 11 units of output

اسلاید ۳۰: A Firm’s Short-Run Costs ($)050 050————1505010050505010025078128282539643516.732.749.34501121621412.52840.555013018018102636650150200208.32533.3750175225257.12532.1850204254296.325.531.8950242292385.626.932.4105030035058530351150385435854.53539.5Rate ofFixedVariableTotalMarginalAverageAverageAverageOutputCostCostCostCostFixedVariableTotal(FC)(VC)(TC)(MC)CostCostCost(AFC)(AVC)(ATC)

اسلاید ۳۱: Chapter 7Slide 31Cost Curves for a FirmOutputCost($ peryear)100200300400012345678910111213VCVariable costincreases with production andthe rate varies withincreasing &decreasing returns.TCTotal costis the verticalsum of FC and VC.FC50Fixed cost does notvary with output

اسلاید ۳۲: Chapter 7Slide 32Cost Curves for a FirmOutput (units/yr.)Cost($ perunit)25507510001234567891011MCATCAVCAFC

اسلاید ۳۳: Chapter 7Slide 33Cost Curves for a FirmThe line drawn from the origin to the tangent of the variable cost curve:Its slope equals AVCThe slope of a point on VC equals MCTherefore, MC = AVC at 7 units of output (point A)OutputP100200300400012345678910111213FCVCATC

اسلاید ۳۴: Chapter 7Slide 34Cost Curves for a FirmUnit CostsAFC falls continuouslyWhen MC < AVC or MC < ATC, AVC & ATC decreaseWhen MC > AVC or MC > ATC, AVC & ATC increaseOutput (units/yr.)Cost($ perunit)25507510001234567891011MCATCAVCAFC

اسلاید ۳۵: Chapter 7Slide 35Cost Curves for a FirmUnit CostsMC = AVC and ATC at minimum AVC and ATCMinimum AVC occurs at a lower output than minimum ATC due to FCOutput (units/yr.)Cost($ perunit)25507510001234567891011MCATCAVCAFC

اسلاید ۳۶: Chapter 7Slide 36Operating Costs for Aluminum Smelting ($/Ton – based on an output of 600 tons/day)Variable costs that are constant at all output levelsElectricity$316Alumina369Other raw materials125Plant power and fuel10 Subtotal$820

اسلاید ۳۷: Chapter 7Slide 37Operating Costs for Aluminum Smelting ($/Ton – based on an output of 600 tons/day)Variable costs that increase when output exceeds 600 tons/dayLabor$150Maintenance120Freight50 Subtotal$320Total operating costs$1140

اسلاید ۳۸: Chapter 7Slide 38The Short-Run Variable Costs of Aluminum SmeltingOutput (tons/day) Cost($ per ton)11001200130030060MCAVC

اسلاید ۳۹: Chapter 7Slide 39Cost in the Long RunUser Cost of Capital = Economic Depreciation + (Interest Rate)(Value of Capital)The User Cost of Capital

اسلاید ۴۰: Chapter 7Slide 40Cost in the Long RunExampleDelta buys a Boeing 737 for $150 million with an expected life of 30 yearsAnnual economic depreciation = $150 million/30 = $5 millionInterest rate = 10%The User Cost of Capital

اسلاید ۴۱: Chapter 7Slide 41Cost in the Long RunExampleUser Cost of Capital = $5 million + (.10)($150 million – depreciation)Year 1 = $5 million + (.10)($150 million) = $20 millionYear 10 = $5 million + (.10)($100 million) = $15 millionThe User Cost of Capital

اسلاید ۴۲: Chapter 7Slide 42Cost in the Long RunRate per dollar of capitalr = Depreciation Rate + Interest RateThe User Cost of Capital

اسلاید ۴۳: Chapter 7Slide 43Cost in the Long RunAirline ExampleDepreciation Rate = 1/30 = 3.33/yrRate of Return = 10%/yrUser Cost of Capitalr = 3.33 + 10 = 13.33%/yrThe User Cost of Capital

اسلاید ۴۴: Chapter 7Slide 44Cost in the Long RunAssumptionsTwo Inputs: Labor (L) & capital (K)Price of labor: wage rate (w)The price of capitalR = depreciation rate + interest rateThe Cost Minimizing Input Choice

اسلاید ۴۵: Chapter 7Slide 45Cost in the Long RunQuestionIf capital was rented, would it change the value of r The User Cost of CapitalThe Cost Minimizing Input Choice

اسلاید ۴۶: Chapter 7Slide 46Cost in the Long RunThe Isocost LineC = wL + rKIsocost: A line showing all combinations of L & K that can be purchased for the same costThe User Cost of CapitalThe Cost Minimizing Input Choice

اسلاید ۴۷: Chapter 7Slide 47Cost in the Long RunRewriting C as linear:K = C/r – (w/r)LSlope of the isocost: is the ratio of the wage rate to rental cost of capital.This shows the rate at which capital can be substituted for labor with no change in cost.The Isocost Line

اسلاید ۴۸: Chapter 7Slide 48Choosing Inputs We will address how to minimize cost for a given level of output.We will do so by combining isocosts with isoquants

اسلاید ۴۹: Chapter 7Slide 49Producing a Given Output at Minimum CostLabor per yearCapitalperyearIsocost