TAILIEUCHUNG - Microeconomics for MBAs 32

Microeconomics for MBAs 32. The Economic Way of Thinking for Managers. Microeconomics for MBAs develops the economic way of thinking through problems that MBA students will find relevant to their career goals. Maths is kept simple and the theory is illustrated with real-life scenarios | Chapter 9 Production Costs and Business Decisions 7 TABLE Marginal Costs of Producing Tomatoes Number of Workers Employed 1 Total Number of Bushels 2 Contribution of Each Worker to Production Marginal Product 3 Number of Workers Required to Produce Each Additional Bushel 4 Marginal Cost of Each Bushel Figured at 5 per Worker 5 1 2 1st bushel 2 10 3 2nd bushel 1 5 Point at Which Diminishing Maginal Returns Emerge 4 5 3rd bushel 2 10 6 7 8 4th bushel 5 25 9 10 FIGURE The Law of Diminishing Marginal Returns As production expands with the addition of new workers efficiencies of specialization initially cause marginal cost to fall. At some point however here just beyond two bushels marginal cost will begin to rise again. At that point marginal returns will begin to diminish and marginal costs will begin to rise. The Cost-Benefit Tradeoff Just as a producer s marginal cost schedule shows the increasing cost of supplying more goods the demand curve as explained earlier shows the decreasing value or marginal benefit of those goods to the people consuming them. Together marginal costs and benefits determine how many units will be produced and consumed up to the intersection of the marginal cost and demand marginal benefit curves the marginal benefit of each Chapter 9 Production Costs and Business Decisions 8 additional unit exceeds it marginal cost. In other words people can gain through production and consumption of those units. The intersection of the two curves represents the limit of production or the point at which welfare is maximized. To see this point consider the costs and benefits of an activity like fishing. The Costs and Benefits of Fishing Gary Schmidt likes to fish. What he does with the fish he catches is of no consequence to us he can make them into trophies give them away or store them in the freezer. Even if Gary places no money value on the fish we

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