TAILIEUCHUNG - THẠC SỸ KINH TẾ - KINH TẾ VI MÔ - CHAPTER 9

The economist’s stock in trade—his tools—lies in his ability to and proclivity to think about all questions in terms of alternatives. The truth judgment of the moralist, which says that something is either wholly right or wholly wrong, is foreign to him. The winlist, yes-no discussion of politics is not within his purview. He does not recognize the either-or, the all-or-nothing situation as his own. His is not the world of the mutually exclusive. Instead, his is the world of adjustment, of coordinated conflict, of mutual gain. . | CHAPTER 9 Production Costs and Business Decisions The economist s stock in trade his tools lies in his ability to and proclivity to think about all questions in terms of alternatives. The truth judgment of the moralist which says that something is either wholly right or wholly wrong is foreign to him. The winlist yes-no discussion of politics is not within his purview. He does not recognize the either-or the all-or-nothing situation as his own. His is not the world of the mutually exclusive. Instead his is the world of adjustment of coordinated conflict of mutual gain. James M. Buchanan Cost is pervasive in human action. Managers as well as everyone else are constantly forced to make choices to do one thing and not another. Cost -- or more precisely opportunity cost -- is the most highly valued opportunity not chosen. Although money is a frequently used measure of cost it is not cost itself. Although we may not recognize it cost also pervades our everyday thought and conversation. When we say that course is difficult or the sermon seemed endless we are indicating the cost of activities. If the preacher s extended commentary delayed the church picnic the sermon was costly. Although complaints about excessive costs sometimes indicate an absolute limitation more often they merely mean that the benefits of the activity are too small to justify the cost. Many people who can t afford a vacation actually have the money but do not wish to spend it on travel and most students who find writing research papers impossible are simply not willing to put forth the necessary effort. This chapter explores the meaning of cost in human behavior. We will begin by showing how seemingly irrational behavior can often be explained by the hidden costs of a choice. We will then develop the concept of marginal cost which together with demand and the related concept of supply defines the limits of rational behavior from personal activities like painting and fishing to business decisions like

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