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【正文】 utput of that good. Copyright 169。 2021 Nelson, a division of Thomson Canada Ltd. Economic Profit versus Accounting Profit ● When total revenue exceeds both explicit and implicit costs, the firm earns economic profit. ? Economic profit is smaller than accounting profit. Figure 1 Economic versus Accountants Copyright 169。 2021 Nelson, a division of Thomson Canada Ltd. Costs as Opportunity Costs ● A firm’s cost of production includes all the opportunity costs of making its output of goods and services. ● Explicit and Implicit Costs ? A firm’s cost of production include explicit costs and implicit costs. ? Explicit costs are input costs that require a direct outlay of money by the firm. ? Implicit costs are input costs that do not require an outlay of money by the firm. Copyright 169。 2021 Nelson, a division of Thomson Canada Ltd. Total Revenue, Total Cost, and Profit ● Total Revenue ? The amount a firm receives for the sale of its output. ● Total Cost ? The market value of the inputs a firm uses in production. Copyright 169。 2021 Nelson, a division of Thomson Canada Ltd. WHAT ARE COSTS? ● According to the Law of Supply: ? Firms are willing to produce and sell a greater quantity of a good when the price of the good is high. ? This results in a supply curve that slopes upward. Copyright 169。 2021 Nelson, a division of Thomson Canada Ltd. Learning Objectives ● Examine what items are included in a firm’s costs of production ● Analyze the link between a firm’s production process and its total costs ● Learn the meaning of average total cost and marginal cost and how they are related ● Consider the shape of a typical firm’s cost curves ● Examine the relationship between shortrun and longrun costs Copyright 169。PART 5 FIRM BEHAVIOR AND THE ORGANIZATION OF INDUSTRY Copyright 169。 2021 Nelson, a division of Thomson Canada Ltd. 13 The Costs of Production Copyright 169。 2021 Nelson, a division of Thomson Canada Ltd. The Market Forces of Supply and Demand ● Supply and demand are the two words that economists use most often. ● Supply and demand are the forces that make market economies work. ● Modern microeconomics is about supply, demand, and market equilibrium. Copyright 169。 2021 Nelson, a division of Thomson Canada Ltd. WHAT ARE COSTS? ● The Firm’s Objective ? The economic goal of the firm is to maximize profits. Copyright 169。 2021 Nelson, a division of Thomson Canada Ltd. Total Revenue, Total Cost, and Profit ● Profit is the firm’s total revenue minus its total cost. Profit = Total revenue – Total cost Copyright 169。 2021 Nelson, a division of Thomson Canada Ltd. Economic Profit versus Accounting Profit ● Economists measure a firm’s economic profit as total revenue minus total cost, including both explicit and implicit costs. ● Accountants measure the accounting profit as the firm’s
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