tailieunhanh - Lecture Essentials of economics (3/e): Chapter 6 - Brue, McConnell, Flynn

Chapter 6 - Businesses and their costs. This chapter develops a number of crucial cost concepts that will be employed in the succeeding three chapters to analyze the four basic market models. These concepts prepare students for both total-revenue–total-cost and marginal-revenue–marginal-cost approaches to profit maximization, which are presented in the next few chapters. | Chapter 6 Businesses and Their Costs McGraw-Hill/Irwin Copyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved This chapter develops a number of crucial cost concepts that will be employed in the succeeding three chapters to analyze the four basic market models. A firm’s implicit and explicit costs are explained for both short- and long-run periods. The explanation of short-run costs includes arithmetic and graphic analyses of both the total-, average-, and marginal-cost concepts. These concepts prepare students for both total-revenue–total-cost and marginal-revenue–marginal-cost approaches to profit maximization, which are presented in the next few chapters. The law of diminishing returns is explained as an essential concept for understanding average and marginal cost curves. The general shape of each cost curve and the relationship they bear to one another are analyzed with special care. The final part of the chapter develops the long-run average cost curve and analyzes the characteristics and factors involved in economies and diseconomies of scale. The Business Population Plant Factory, farm, mine, store, website, warehouse Firm Operates one or more plants Industry Group of firms that produce the same products 6- Like households, businesses are a major element in the circular flow diagram. There are many different types of businesses and it is helpful to first define a few terms related to businesses. The term “plant” is used to indicate an establishment such as a factory or store that performs one or more functions in making and distributing goods and services. A “firm” is an organization that employs resources to produce goods and services for profit and that operates one or more plants. An “industry” is comprised of a group of firms that all produce the same, or at least similar, products. Firms may be vertically integrated, meaning they own plants that perform different functions in the various stages of the production process, or . | Chapter 6 Businesses and Their Costs McGraw-Hill/Irwin Copyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved This chapter develops a number of crucial cost concepts that will be employed in the succeeding three chapters to analyze the four basic market models. A firm’s implicit and explicit costs are explained for both short- and long-run periods. The explanation of short-run costs includes arithmetic and graphic analyses of both the total-, average-, and marginal-cost concepts. These concepts prepare students for both total-revenue–total-cost and marginal-revenue–marginal-cost approaches to profit maximization, which are presented in the next few chapters. The law of diminishing returns is explained as an essential concept for understanding average and marginal cost curves. The general shape of each cost curve and the relationship they bear to one another are analyzed with special care. The final part of the chapter develops the long-run average cost curve and .

• Kinh tế học
• Essentials of economics
• Lecture Essentials of economics
• International economics
• Product markets
• Business population
• Corporation advantages
• Economic perspective
• Marginal analysis
• Inverse relationships
• Independent variables
• Market system
• Circular flow
• Market equilibrium
• Law of demand
• Exchange rates
• Preset prices
• Price elasticity of demand
• Elasticity of demand
• Market failures
• Public goods
• Pure competition
• Market models
• Pure monopoly
• Monopoly demand
• Monopolistic competition
• Game theory overview
• Economic growth
• Gross domestic product
• Business cycles
• Economic cost of unemployment
• Aggregate demand
• Aggregate supply
• Fiscal policy
• Evaluating fiscal policy
• Financial institutions
• Federal Reserve
• Interest rates
• Monetary policy
• International trade
• Wage determination
• Labor demand
• Income inequality
• Poverty trends
• Opportunity cost
• Rational action
• Factors of production
• Optimal Mix
• Investment goods
• Government services
• Product market
• Locating markets
• Individual demand
• Market supply
• Consumer demand
• Sociopsychiatric explanation
• Total utility
• Marginal utility
• Supply decisions
• Marginal physical product
• Total profit