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1、Fernando&Yvonn QuijanoPrepared by:2008 Prentice Hall Business Publishing Microeconomics Pindyck/Rubinfeld,7e.The Cost ofProduction7C H A P T E R从使用情况来看，闭胸式的使用比较广泛。敞开式盾构之中有挤压式盾构、全部敞开式盾构，但在近些年的城市地下工程施工中已很少使用，在此不再说明。Chapter 7 The Cost of Production2 of 50 2008 Prentice Hall Business Publishing Microeco

2、nomics Pindyck/Rubinfeld,7e.从使用情况来看，闭胸式的使用比较广泛。敞开式盾构之中有挤压式盾构、全部敞开式盾构，但在近些年的城市地下工程施工中已很少使用，在此不再说明。CHAPTER 7 OUTLINE7.1 Measuring Cost:Which Costs Matter?7.2 Cost in the Short Run7.3 Cost in the Long Run7.4 Long-Run versus Short-Run Cost Curves7.5 Production with Two OutputsEconomies of Scope7.6 Dynam

3、ic Changes in CostsThe Learning Curve7.7 Estimating and Predicting CostChapter 7 The Cost of Production3 of 50 2008 Prentice Hall Business Publishing Microeconomics Pindyck/Rubinfeld,7e.从使用情况来看，闭胸式的使用比较广泛。敞开式盾构之中有挤压式盾构、全部敞开式盾构，但在近些年的城市地下工程施工中已很少使用，在此不再说明。MEASURING COST:WHICH COSTS MATTER?7.1Economic

4、 Cost versus Accounting Cost accounting cost Actual expenses plus depreciation charges for capital equipment.economic cost Cost to a firm of utilizing economic resources in production,including opportunity cost.Opportunity Cost opportunity cost Cost associated with opportunities that are forgone whe

5、n a firms resources are not put to their best alternative use.Chapter 7 The Cost of Production4 of 50 2008 Prentice Hall Business Publishing Microeconomics Pindyck/Rubinfeld,7e.从使用情况来看，闭胸式的使用比较广泛。敞开式盾构之中有挤压式盾构、全部敞开式盾构，但在近些年的城市地下工程施工中已很少使用，在此不再说明。MEASURING COST:WHICH COSTS MATTER?7.1Sunk Costs sunk c

6、ost Expenditure that has been made and cannot be recovered.Because a sunk cost cannot be recovered,it should not influence the firms decisions.Because it has no alternative use,its opportunity cost is zero.Chapter 7 The Cost of Production5 of 50 2008 Prentice Hall Business Publishing Microeconomics

7、Pindyck/Rubinfeld,7e.从使用情况来看，闭胸式的使用比较广泛。敞开式盾构之中有挤压式盾构、全部敞开式盾构，但在近些年的城市地下工程施工中已很少使用，在此不再说明。7.1The Northwestern University Law School has been located in Chicago.However,the main campus is located in the suburb of Evanston.In the mid-1970s,the law school began planning the construction of a new buildi

8、ng and needed to decide on an appropriate location.Should it be built on the current site,near downtown Chicago law firms?Should it be moved to Evanston,physically integrated with the rest of the university?Some argued it was cost-effective to locate the new building in the city because the universi

9、ty already owned the land.Land would have to be purchased in Evanston if the building were to be built there.Does this argument make economic sense?No.It makes the common mistake of failing to appreciate opportunity costs.From an economic point of view,it is very expensive to locate downtown because

10、 the property could have been sold for enough money to buy the Evanston land with substantial funds left over.Northwestern decided to keep the law school in Chicago.MEASURING COST:WHICH COSTS MATTER?Chapter 7 The Cost of Production6 of 50 2008 Prentice Hall Business Publishing Microeconomics Pindyck

11、/Rubinfeld,7e.从使用情况来看，闭胸式的使用比较广泛。敞开式盾构之中有挤压式盾构、全部敞开式盾构，但在近些年的城市地下工程施工中已很少使用，在此不再说明。MEASURING COST:WHICH COSTS MATTER?7.1Fixed Costs and Variable Costs total cost(TC or C)Total economic cost of production,consisting of fixed and variable costs.fixed cost(FC)Cost that does not vary with the level of o

12、utput and that can be eliminated only by shutting down.variable cost(VC)Cost that varies as output varies.The only way that a firm can eliminate its fixed costs is by shutting down.Chapter 7 The Cost of Production7 of 50 2008 Prentice Hall Business Publishing Microeconomics Pindyck/Rubinfeld,7e.从使用情

13、况来看，闭胸式的使用比较广泛。敞开式盾构之中有挤压式盾构、全部敞开式盾构，但在近些年的城市地下工程施工中已很少使用，在此不再说明。MEASURING COST:WHICH COSTS MATTER?7.1Fixed Costs and Variable CostsShutting DownShutting down doesnt necessarily mean going out of business.By reducing the output of a factory to zero,the company could eliminate the costs of raw materi

14、als and much of the labor.The only way to eliminate fixed costs would be to close the doors,turn off the electricity,and perhaps even sell off or scrap the machinery.Fixed or Variable?How do we know which costs are fixed and which are variable?Over a very short time horizonsay,a few monthsmost costs

15、 are fixed.Over such a short period,a firm is usually obligated to pay for contracted shipments of materials.Over a very long time horizonsay,ten yearsnearly all costs are variable.Workers and managers can be laid off(or employment can be reduced by attrition),and much of the machinery can be sold o

16、ff or not replaced as it becomes obsolete and is scrapped.Chapter 7 The Cost of Production8 of 50 2008 Prentice Hall Business Publishing Microeconomics Pindyck/Rubinfeld,7e.从使用情况来看，闭胸式的使用比较广泛。敞开式盾构之中有挤压式盾构、全部敞开式盾构，但在近些年的城市地下工程施工中已很少使用，在此不再说明。MEASURING COST:WHICH COSTS MATTER?7.1Fixed versus Sunk Cos

17、tsAmortizing Sunk Costs amortization Policy of treating a one-time expenditure as an annual cost spread out over some number of years.Sunk costs are costs that have been incurred and cannot be recovered.An example is the cost of R&D to a pharmaceutical company to develop and test a new drug and then

18、,if the drug has been proven to be safe and effective,the cost of marketing it.Whether the drug is a success or a failure,these costs cannot be recovered and thus are sunk.Chapter 7 The Cost of Production9 of 50 2008 Prentice Hall Business Publishing Microeconomics Pindyck/Rubinfeld,7e.从使用情况来看，闭胸式的使

19、用比较广泛。敞开式盾构之中有挤压式盾构、全部敞开式盾构，但在近些年的城市地下工程施工中已很少使用，在此不再说明。MEASURING COST:WHICH COSTS MATTER?7.1It is important to understand the characteristics of production costs and to be able to identify which costs are fixed,which are variable,and which are sunk.Good examples include the personal computer indust

20、ry(where most costs are variable),the computer software industry(where most costs are sunk),and the pizzeria business(where most costs are fixed).Because computers are very similar,competition is intense,and profitability depends on the ability to keep costs down.Most important are the variable cost

21、 of components and labor.A software firm will spend a large amount of money to develop a new application.The company can try to recoup its investment by selling as many copies of the program as possible.For the pizzeria,sunk costs are fairly low because equipment can be resold if the pizzeria goes o

22、ut of business.Variable costs are lowmainly the ingredients for pizza and perhaps wages for a couple of workers to help produce,serve,and deliver pizzas.Chapter 7 The Cost of Production10 of 50 2008 Prentice Hall Business Publishing Microeconomics Pindyck/Rubinfeld,7e.从使用情况来看，闭胸式的使用比较广泛。敞开式盾构之中有挤压式盾

23、构、全部敞开式盾构，但在近些年的城市地下工程施工中已很少使用，在此不再说明。MEASURING COST:WHICH COSTS MATTER?7.1Marginal and Average CostMarginal Cost(MC)marginal cost(MC)Increase in cost resulting from the production of one extra unit of output.Because fixed cost does not change as the firms level of output changes,marginal cost is eq

24、ual to the increase in variable cost or the increase in total cost that results from an extra unit of output.We can therefore write marginal cost asChapter 7 The Cost of Production11 of 50 2008 Prentice Hall Business Publishing Microeconomics Pindyck/Rubinfeld,7e.从使用情况来看，闭胸式的使用比较广泛。敞开式盾构之中有挤压式盾构、全部敞

25、开式盾构，但在近些年的城市地下工程施工中已很少使用，在此不再说明。MEASURING COST:WHICH COSTS MATTER?7.1Marginal and Average CostTABLE 7.1 A Firms CostsRate ofFixedVariableTotalMarginalAverageAverageAverageOutputCostCostCostCostFixed CostVariable CostTotal Cost(Units(Dollars(Dollars(Dollars(Dollars(Dollars(Dollars(Dollarsper Year)pe

26、r Year)per Year)per Year)per Unit)per Unit)per Unit)per Unit)(FC)(VC)(TC)(MC)(AFC)(AVC)(ATC)(1)(2)(3)(4)(5)(6)(7)050050-1505010050505010025078128282539 643 50981482016.732.7 49.34 501121621412.528 40.55 50130180181026 366 5015020020 8.325 33.37 5017522525 7.125 32.18 5020425429 6.325.5 31.89 5024229

27、238 5.626.9 32.410 5030035058 530 3511 5038543585 4.535 39.5Marginal Cost(MC)Chapter 7 The Cost of Production12 of 50 2008 Prentice Hall Business Publishing Microeconomics Pindyck/Rubinfeld,7e.从使用情况来看，闭胸式的使用比较广泛。敞开式盾构之中有挤压式盾构、全部敞开式盾构，但在近些年的城市地下工程施工中已很少使用，在此不再说明。MEASURING COST:WHICH COSTS MATTER?7.1M

28、arginal and Average CostAverage Total Cost(ATC)average total cost(ATC)Firms total cost divided by its level of output.average fixed cost(AFC)Fixed cost divided by the level of output.average variable cost(AVC)Variable cost divided by the level of output.Chapter 7 The Cost of Production13 of 50 2008

29、Prentice Hall Business Publishing Microeconomics Pindyck/Rubinfeld,7e.从使用情况来看，闭胸式的使用比较广泛。敞开式盾构之中有挤压式盾构、全部敞开式盾构，但在近些年的城市地下工程施工中已很少使用，在此不再说明。COST IN THE SHORT RUN7.2The Determinants of Short-Run CostThe change in variable cost is the per-unit cost of the extra labor w times the amount of extra labor n

30、eeded to produce the extra output L.Because VC=wL,it follows thatThe extra labor needed to obtain an extra unit of output is L/q=1/MPL.As a result,(7.1)Diminishing Marginal Returns and Marginal CostDiminishing marginal returns means that the marginal product of labor declines as the quantity of labo

31、r employed increases.As a result,when there are diminishing marginal returns,marginal cost will increase as output increases.Chapter 7 The Cost of Production14 of 50 2008 Prentice Hall Business Publishing Microeconomics Pindyck/Rubinfeld,7e.从使用情况来看，闭胸式的使用比较广泛。敞开式盾构之中有挤压式盾构、全部敞开式盾构，但在近些年的城市地下工程施工中已很少

32、使用，在此不再说明。COST IN THE SHORT RUN7.2The Shapes of the Cost CurvesCost Curves for a FirmIn(a)total cost TC is the vertical sum of fixed cost FC and variable cost VC.In(b)average total cost ATC is the sum of average variable cost AVC and average fixed cost AFC.Marginal cost MC crosses the average variab

33、le cost and average total cost curves at their minimum points.Figure 7.1Chapter 7 The Cost of Production15 of 50 2008 Prentice Hall Business Publishing Microeconomics Pindyck/Rubinfeld,7e.从使用情况来看，闭胸式的使用比较广泛。敞开式盾构之中有挤压式盾构、全部敞开式盾构，但在近些年的城市地下工程施工中已很少使用，在此不再说明。COST IN THE SHORT RUN7.2The Shapes of the C

34、ost CurvesThe Average-Marginal RelationshipMarginal and average costs are another example of the average-marginal relationship with respect to marginal and average product.Total Cost as a FlowTotal cost is a flowfor example,some number of dollars per year.For simplicity,we will often drop the time r

35、eference,and refer to total cost in dollars and output in units.Chapter 7 The Cost of Production16 of 50 2008 Prentice Hall Business Publishing Microeconomics Pindyck/Rubinfeld,7e.从使用情况来看，闭胸式的使用比较广泛。敞开式盾构之中有挤压式盾构、全部敞开式盾构，但在近些年的城市地下工程施工中已很少使用，在此不再说明。COST IN THE SHORT RUN7.2TABLE 7.2Production Costs f

36、or Aluminum Smelting($/ton)(based on an output of 600 tons/day)Per-ton costs that are constantOutput 600Output 600for all output levelstons/daytons/dayElectricity$316$316Alumina 369 369Other raw materials 125 125Plant power and fuel 10 10Subtotal$820$820Per-ton costs that increase whenoutput exceeds

37、 600 tons/dayLabor$150$225Maintenance 120 180Freight 50 75Subtotal$320$480Total per-ton production costs$1140$1300Chapter 7 The Cost of Production17 of 50 2008 Prentice Hall Business Publishing Microeconomics Pindyck/Rubinfeld,7e.从使用情况来看，闭胸式的使用比较广泛。敞开式盾构之中有挤压式盾构、全部敞开式盾构，但在近些年的城市地下工程施工中已很少使用，在此不再说明。C

38、OST IN THE SHORT RUN7.2The Short-Run Variable Costs of Aluminum SmeltingThe short-run average variable cost of smelting is constant for output levels using up to two labor shifts.When a third shift is added,marginal cost and average variable cost increase until maximum capacity is reached.Figure 7.2

39、Chapter 7 The Cost of Production18 of 50 2008 Prentice Hall Business Publishing Microeconomics Pindyck/Rubinfeld,7e.从使用情况来看，闭胸式的使用比较广泛。敞开式盾构之中有挤压式盾构、全部敞开式盾构，但在近些年的城市地下工程施工中已很少使用，在此不再说明。COST IN THE LONG RUN7.3The User Cost of Capital user cost of capital Annual cost of owning and using a capital asse

40、t,equal to economic depreciation plus forgone interest.We can also express the user cost of capital as a rate per dollar of capital:The user cost of capital is given by the sum of the economic depreciation and the interest(i.e.,the financial return)that could have been earned had the money been inve

41、sted elsewhere.Formally,Chapter 7 The Cost of Production19 of 50 2008 Prentice Hall Business Publishing Microeconomics Pindyck/Rubinfeld,7e.从使用情况来看，闭胸式的使用比较广泛。敞开式盾构之中有挤压式盾构、全部敞开式盾构，但在近些年的城市地下工程施工中已很少使用，在此不再说明。COST IN THE LONG RUN7.3The Cost-Minimizing Input ChoiceWe now turn to a fundamental problem

42、 that all firms face:how to select inputs to produce a given output at minimum cost.For simplicity,we will work with two variable inputs:labor(measured in hours of work per year)and capital(measured in hours of use of machinery per year).The Price of CapitalThe price of capital is its user cost,give

43、n by r=Depreciation rate+Interest rate.The Rental Rate of Capital rental rate Cost per year of renting one unit of capital.If the capital market is competitive,the rental rate should be equal to the user cost,r.Why?Firms that own capital expect to earn a competitive return when they rent it.This com

44、petitive return is the user cost of capital.Capital that is purchased can be treated as though it were rented at a rental rate equal to the user cost of capital.Chapter 7 The Cost of Production20 of 50 2008 Prentice Hall Business Publishing Microeconomics Pindyck/Rubinfeld,7e.从使用情况来看，闭胸式的使用比较广泛。敞开式盾

45、构之中有挤压式盾构、全部敞开式盾构，但在近些年的城市地下工程施工中已很少使用，在此不再说明。COST IN THE LONG RUN7.3The Isocost Line(7.2)isocost line Graph showing all possible combinations of labor and capital that can be purchased for a given total cost.To see what an isocost line looks like,recall that the total cost C of producing any partic

46、ular output is given by the sum of the firms labor cost wL and its capital cost rK:Chapter 7 The Cost of Production21 of 50 2008 Prentice Hall Business Publishing Microeconomics Pindyck/Rubinfeld,7e.从使用情况来看，闭胸式的使用比较广泛。敞开式盾构之中有挤压式盾构、全部敞开式盾构，但在近些年的城市地下工程施工中已很少使用，在此不再说明。COST IN THE LONG RUN7.3The Isoco

47、st LineProducing a Given Output at Minimum CostIsocost curves describe the combination of inputs to production that cost the same amount to the firm.Isocost curve C1 is tangent to isoquant q1 at A and shows that output q1 can be produced at minimum cost with labor input L1 and capital input K1.Other

48、 input combinationsL2,K2 and L3,K3yield the same output but at higher cost.Figure 7.3Chapter 7 The Cost of Production22 of 50 2008 Prentice Hall Business Publishing Microeconomics Pindyck/Rubinfeld,7e.从使用情况来看，闭胸式的使用比较广泛。敞开式盾构之中有挤压式盾构、全部敞开式盾构，但在近些年的城市地下工程施工中已很少使用，在此不再说明。COST IN THE LONG RUN7.3The Iso

49、cost LineIf we rewrite the total cost equation as an equation for a straight line,we getIt follows that the isocost line has a slope of K/L=(w/r),which is the ratio of the wage rate to the rental cost of capital.Chapter 7 The Cost of Production23 of 50 2008 Prentice Hall Business Publishing Microeco

50、nomics Pindyck/Rubinfeld,7e.从使用情况来看，闭胸式的使用比较广泛。敞开式盾构之中有挤压式盾构、全部敞开式盾构，但在近些年的城市地下工程施工中已很少使用，在此不再说明。COST IN THE LONG RUN7.3Choosing InputsInput Substitution When an Input Price ChangesFacing an isocost curve C1,the firm produces output q1 at point A using L1 units of labor and K1 units of capital.When