TAILIEUCHUNG - Lecture Principles of Microeconomics: Chapter 8 - James D. Miller

Lecture Principles of Microeconomics - Chapter 8: Costs. After reading this chapter, you should be able to answer the following questions: What are different types of costs? What is diminishing marginal returns? Why do marginal costs increase? Why is the average total costs curve U-shaped? What is the relationship between the average total costs curve and marginal costs curve? What is the difference between short run and long run? What are economies and diseconomies of scale? | Chapter 8 Costs McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All Rights Reserved. Learning Objectives What are different types of costs? What is diminishing marginal returns? Why do marginal costs increase? Why is the average total costs curve U-shaped? What is the relationship between the average total costs curve and marginal costs curve? What is the difference between short run and long run? What are economies and diseconomies of scale? 8- Costs: Economic Terms Output = number of goods produced. Variable inputs = inputs that can be changed with output. Fixed inputs = inputs that can not be changed with output. Fixed costs = costs that are the same regardless of output. Variable costs = costs that vary with output Total costs = fixed costs + variable costs Marginal costs = the extra cost of making one more good. 8- Average Costs Total Costs = Fixed Costs + Variable Costs 8- Average Costs Average Total Costs = Average Fixed Costs + .

• Kinh tế học
• Principles of Microeconomics
• Lecture Principles of Microeconomics
• Average costs
• Break even price
• Increasing marginal costs
• Long run analysis
• Ten principles of economics
• Scarce resources
• Scarcity implies choice
• Choice implies cost
• Thinking like an economist
• Economic models
• Circular flow diagram
• Production possibilities frontier
• The gains from trade
• Production possibilities
• Comparative advantage
• Absolute advantage
• Market forces
• Supply and demand
• Market economies
• Competitive markets
• Price elasticity of demand
• Price elasticity
• Midpoint method
• Demand curves
• Controls on prices
• Price ceiling
• Price floor
• Market outcomes
• Market failures
• Negative externalities
• Positive externalities
• Market inefficiency
• Public goods
• Common resources
• Types of goods
• Cost benefit analysis
• Tax system
• Federal government
• Marginal tax rate
• Budget surplus
• Costs of production
• Total revenue
• Total cost
• Opportunity costs
• Firms in competitive markets
• Average revenue
• Marginal revenue
• Sunk costs
• Monopoly resources
• Government created monopolies
• Natural monopolies
• Monopoly’s revenue
• Monopolistic competition
• Nash equilibrium
• Equilibrium for oligopoly
• Game theory
• Long run equilibrium
• Perfect competition
• Production possibility frontier
• Opportunity cost
• Rational people
• Indirect effects
• Law of demand
• Factors change demand
• Law of supply
• Market demand
• Demand intersect
• Demand determine prices
• Change in demand
• Change in supply
• Elastic demand curve
• Policy analysis with supply
• Policy analysis with demand
• Wealth creation
• Production cost
• Total surplus
• International trade
• Additional benefits of trade
• Firms profit graphically
• Accounting profit
• Market effectiveness
• Monopolist pricing
• Price discrimination
• Antitrust laws
• Disruptive innovation in oligopolies
• Predatory pricing