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Old 03-27-2006, 02:01 AM   #361
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^ ye that would be creepy
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Old 03-27-2006, 02:01 AM   #362
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its 12 01
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Old 03-27-2006, 02:04 AM   #363
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Old 03-27-2006, 02:05 AM   #364
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it's 1:05, i'm on the conclussion for this outline
one down two to go
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Old 03-27-2006, 02:08 AM   #365
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Old 03-27-2006, 02:27 AM   #366
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someone needs some sleepy


ok
the final econ product

Ashley Wantland
Chapter 12 outline

I. Introduction- The Costs of Production

II. What are Costs?
A. Total Revenue, Total Cost, and Profit
1. Total Revenue is the amount that the firm receives for the sale of its output.
2. Total cost is the amount that the firm pays to buy inputs
3. Profit isa firm’s total revenue minus its total cost : Profit = Total revenue - Total cost
B. Costs as Oppurtunity Costs
1. Explicit costs are input costs that require an outlay of money by the firm
2. Implicit costs do not require an outlay of money by the firm
3. Biggest distinction between an accountant and an economist
a. Economists inclue both implicit and explicit costs when measuring a firm’s costs
b. Accountants keep track of the money that flows into and out of firms, therefore they often ignore implicit costs
C. The cost of capital as an opportunity cost- Almost every business has the opportunity cost of the financial capital that has been invested in the business
D. Economic Profit Versus Accounting Profit
1 Economic profit is the total revenue minus the total cost, including both explicit and implicit costs
2. Accounting profit is the total revenue minus total explicit cost

III. Production and Costs- Firms incur costs when they buy inputs to produce the goods and services that they plan to sell
A. The Production Function
1. The production function is the relationship between quantity of inputs used to make a good and the quantity of output of that good
2. People think at the margin and this is the key to understanding the decision a firm makes about how many workers to hire and how much output to produce
a. Marginal product is the increase in output that arises from an additional unit of input
b. diminishing marginal product is the property whereby the marginal product of an input declines as the quantity of the input increases
B. From the Production Function to the Total-Cost Curve
1. On the curve, total cost gets steeper as amount produced rises
2. Hiring more employees means there are crowded conditions which causes production to become more costly

IV. The Various Measures of Cost
A. Fixed and Variable Costs
1. Fixed costs are costs that do not vary with the quantity of output produced
2. Variable costs are costs that do vary with the quantity of output produced
3. A firm’s total cost is the sum of fixed and variable costs.-
B Average and Marginal cost
1. Average total cost- the total cost divided by the quantity of output:
ATC - Total cost/Quantity = TC/q
2. Average fixed cost fixed costs divided by the quantity of output
3. Average variable cost variable costs divided by the quantity of output
4. Marginal cost the increase in total cost that arises from an extra unit of production:
MC - (Change in total cost)/(Change in quantity)=Change in TC/Change in Q
5. Average total cost tells us the cost of a typical unit of output if total cost is dvided evenly over all the units produced.
6. Marginal cost tells us the increase in total cost that arises from producing an additional unit of output

C. Cost Curves and their shapes
1. Rising marginal cost - Marginal cost rises with the quantity of output
2. U-Shaped Average Total Cost - Efficient scale- the quantity of output that minimizes average total cost
3. The Relationship between marginal cost and average total cost
a. Whenever marginal cost is less than average total cost, average total cost is falling
b. Whenever marginal cost is greater than average total cost, average total cost is rising
c. The marginal-cost curve crosses the average-total-cost curve at the efficient scale
D. Typical Cost Curve
1. Marginal cost eventually rises with the quantity of output
2. The average-total-cost curve is U-shaped
3. The marginal-cost curve crosses the average-total-cost curve at the minimum of average total cost














V. Costs in the short run and in the long run
A. The Relationship between short-run and long-run average total cost
1. Because many decisions are fixed in the short-run, but variable in the long run, a firm’s long-run cost curves differ from its short-run cost curves
2. To get to the long-run for any firm can take any different amounts of time
B. Economies and Diseconomies of scale
1. Economies of scale are the property whereby long-run average total cost falls as the quantity of output increases
2. Diseconomies of scale- the property whereby long-run average total cost rises as the quantity of output increases
3. Constant returns to scale- the property whereby long-run average total cost stays the same as the quantity of output changes
VI. Conclusion
A. Explicit costs- costs that require an outlay of money by the firm
B. Implicit costs- costs that do not require an outlay of money by the ferm
C. Fixed costs (FC)- Costs that do not vary with the quantity of output produced
D. Variable Costs (VC)- Costs that do vary with the quantity of output produced
E. Total cost- the market value of all the inputs that a firm uses in production:
TC=FC + VC
F. Average Fixed Cost- Fixed costs divided by the quantity of output
AFC=FC/Q
G. Average Variable Cost- Variable costs divided by the quantity of output
AVC=VC/Q
H Average Total Cost- Total cost divided by the quantity of output
ATC=TC/Q
I. Marginal Cost- The increase in total cost that arises from an extra unit of production
MC=(change in)TC/ (change in)Q


Quantity Total
Cost Fixed
Cost Variable
Cost Average
Fixed
Cost Average
Variable
Cost Average
Total
Cost Margi-nal
Cost
0 5 0
1 7 5 2 5 2 7 7
2 9 5 4 2.5 2 4.5 1
3 11 5 6 2 2 3.67 .67
4 13 5 8 2 2 3.25 .5
5 15 5 10 2 2 3 .4
6 17 5 12 2 2 2.8 .33


goodnight and goodluck all I need some sleepies, before the big day tomorrow when I try and do all of my homework before the end of the day
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Old 03-27-2006, 02:28 AM   #367
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nighty night im going to go to




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Old 03-27-2006, 02:32 AM   #368
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Night Ashley and Kayla

< Just lost a contact lense
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Old 03-27-2006, 02:47 AM   #369
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< is going
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Old 03-27-2006, 03:20 AM   #370
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Good morning
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Old 03-27-2006, 05:01 AM   #371
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hello!!!!!!

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Old 03-27-2006, 05:04 AM   #372
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Old 03-27-2006, 05:06 AM   #373
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no i don't
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Old 03-27-2006, 05:08 AM   #374
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Old 03-27-2006, 07:08 AM   #375
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