【对外经贸考研】平狄克《微观经济学》Chapter 7- The Cost of Production.ppt

120 122 123 124 125 126 128 129 132 73 77 78 79 80 81 82 85 86 87 88 89 90 91 96 97 102 103 104 105 106 107 108 111 112 113 114 115 116 117 118 119 21 22 13 33 38 39 41 42 43 43 43 43 43 43 43 44 45 46 52 55 56 57 58 59 60 61 62 63 64 65 72 72 Chapter 7 Slide * Summary When there is a single variable input, as in the short run, the presence of diminishing returns determines the shape of the cost curves. In the long run, all inputs to the production process are variable. Chapter 7 Slide * Summary The firm’s expansion path describes how its cost-minimizing input choices vary as the scale or output of its operation increases. The long-run average cost curve is the envelope of the short-run average cost curves. Chapter 7 Slide * Summary A firm enjoys economies of scale when it can double its output at less than twice the cost. Economies of scope arise when the firm can produce any combination of the two outputs more cheaply than could two independent firms that each produced a single product. Chapter 7 Slide * Summary A firm’s average cost of production can fall over time if the firm “learns” how to produce more effectively. Cost functions relate the cost of production to the level of output of the firm. End of Chapter 7 The Cost of Production Chapter 7 1 2 3 4 5 6 7 7 7 7 8 9 10 11 12 12 12 12 13 14 15 15 16 17 18 19 20 Chapter 7 Slide * The Learning Curve Cumulative number of machine lots produced Hours of labor per machine lot 10 20 30 40 50 0 2 4 6 8 10 Chapter 7 Slide * The Learning Curve Hours of labor per machine lot 10 20 30 40 50 0 2 4 6 8 10 The horizontal axis measures the cumulative number of hours of machine tools the firm has produced The vertical axis measures the number of hours of labor needed to produce each lot. Chapter 7 Slide * The learning curve in the figure is based on the relationship: Dynamic Changes inCosts--The Learning Curve Chapter 7 Slide * L equals A + B and this measures labor input to produce the first unit of output Labor input