TAILIEUCHUNG - Lecture Microeconomics (5th edition): Chapter 7 - Besanko, Braeutigam

Chapter 7 - Costs and cost minimization. This chapter presents the following content: What are costs? long run cost minimization (the constraint minimization problem, comparative statics, input demands), short run cost minimization. | 1 Costs and Cost Minimization Chapter 7 Copyright (c)2014 John Wiley & Sons, Inc. 1 2 Chapter Seven Overview 1. What are Costs? 2. Long Run Cost Minimization The constraint minimization problem Comparative statics Input demands Short Run Cost Minimization Chapter Seven Copyright (c)2014 John Wiley & Sons, Inc. 3 Explicit Costs – Costs that involve a direct monetary outlay. Chapter Seven Explicit Costs and Implicit Costs Implicit Costs – Costs that do not involve outlays of cash. Copyright (c)2014 John Wiley & Sons, Inc. 4 The relevant concept of cost is opportunity cost: the value of a resource in its best alternative use. The only alternative we consider is the best alternative Chapter Seven Opportunity Cost Copyright (c)2014 John Wiley & Sons, Inc. 5 Economic Costs – Sum of a firm’s explicit costs and implicit Costs. Chapter Seven Economic Costs and Accounting Costs Accounting Costs – Total of a firm’s explicit costs. Copyright (c)2014 John Wiley & Sons, Inc. 6 Sunk Costs are costs

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