TAILIEUCHUNG - Lecture Microeconomics: Chapter 8 - Besanko, Braeutigam

Chapter 8 - Costs curves. This chapter presents the following content: Introduction, long run cost functions, short run cost functions, the relationship between long run and short run cost functions. | 1 Costs Curves Chapter 8 Copyright (c)2014 John Wiley & Sons, Inc. 1 2 Chapter Eight Overview Introduction Long Run Cost Functions Shifts Long run average and marginal cost functions Economies of scale Deadweight loss – "A Perfectly Competitive Market Without Intervention Maximizes Total Surplus" Short Run Cost Functions The Relationship Between Long Run and Short Run Cost Functions Chapter Eight Copyright (c)2014 John Wiley & Sons, Inc. 3 Chapter Eight Long Run Cost Functions Definition: The long run total cost function relates minimized total cost to output, Q, and to the factor prices (w and r). TC(Q,w,r) = wL*(Q,w,r) + rK*(Q,w,r) Where: L* and K* are the long run input demand functions Copyright (c)2014 John Wiley & Sons, Inc. 4 Chapter Eight Long Run Cost Functions As Quantity of output increases from 1 million to 2 million, with input prices(w, r) constant, cost minimizing input combination moves from TC1 to TC2 which gives the TC(Q) curve. Copyright (c)2014 John Wiley & Sons, .

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