中微课件范里安版MicroCh21章节幻灯片.pptVIP

y $/output unit ACs(y;x2￠￠￠) ACs(y;x2￠￠) ACs(y;x2￠) MCs(y;x2￠) MCs(y;x2￠￠) MCs(y;x2￠￠￠) y $/output unit ACs(y;x2￠￠￠) ACs(y;x2￠￠) ACs(y;x2￠) MCs(y;x2￠) MCs(y;x2￠￠) MCs(y;x2￠￠￠) AC(y) y $/output unit ACs(y;x2￠￠￠) ACs(y;x2￠￠) ACs(y;x2￠) MCs(y;x2￠) MCs(y;x2￠￠) MCs(y;x2￠￠￠) MC(y), the long-run marginalcost curve. The Marginal Cost Curves Here is an example of infinite number of short-term cost curves: Short-Run Long-Run Marginal Cost Curves AC(y) $/output unit y SRACs Short-Run Long-Run Marginal Cost Curves AC(y) $/output unit y SRMCs Short-Run Long-Run Marginal Cost Curves AC(y) MC(y) $/output unit y SRMCs For each y 0, the long-run MC equals theMC for the short-run chosen by the firm. Summary: Key Relationships ATC and AVC; MC and AVC (ATC); Long-run TC (AC) with short-run TC (AC); Long-run MC and short-run MC’s. Chapter Twenty-One Cost Curves What do we do in this chapter? We examine how c(y) varies with y. Why? We need to prepare ourselves for studying firms’ supply. We have the following types of cost curves: A total cost curve and average total cost curve A variable cost curve and average variable cost curve An average fixed cost curve Marginal cost curve Comparing consumer behavior with producer behavior Consumer: Maximize Utility subject to linear constraint; Producer: Minimize linear function subject to production function; Minimizing a linear function makes things much simpler; Also, the production function is cardinal; utility is ordinal ! From last Chapter: Short-Run Long-Run Total Costs x1 x2 Short-runoutputexpansionpath Long-run costs are: Short-run costs are: Fixed, Variable Total Cost Functions Let F be the short-run fixed cost F does not vary with the firm’s output level. Let cv(y) be the variable cost function. Then the total cost function is y $ F cv(y) c(y) F Av. Fixed, Av. Variable Av. Total Cost Curves For y 0, the firm’s average total cost function is $/output unit AFC(y) y 0 AFC(y) ? 0 as y ? ￥ Av. Fixed, Av. Variabl