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Costs

Short-run costs

Total cost
Output TFC
Total costs for firm X
100 (Q) (£)

0 12
1 12
80 2 12
3 12
4 12
60 5 12
6 12
7 12
40

20

0
0 1 2 3 4 5 6 7 8
Output TFC
Total costs for firm X
100 (Q) (£)

0 12
1 12
80 2 12
3 12
4 12
60 5 12
6 12
7 12
40

20
TFC
0
0 1 2 3 4 5 6 7 8
Output TFC TVC
Total costs for firm X
100 (Q) (£) (£)

0 12 0
1 12 10
80 2 12 16
3 12 21
4 12 28
60 5 12 40
6 12 60
7 12 91
40

20
TFC
0
0 1 2 3 4 5 6 7 8
Output TFC TVC
Total costs for firm X
100 (Q) (£) (£)

0 12 0 TVC
1 12 10
80 2 12 16
3 12 21
4 12 28
60 5 12 40
6 12 60
7 12 91
40

20
TFC
0
0 1 2 3 4 5 6 7 8
Total costs for firm X
100

TVC
80

Diminishing marginal
60
returns set in here

40

20
TFC
0
0 1 2 3 4 5 6 7 8
Output TFC TVC
Total costs for firm X
100 (Q) (£) (£)

0 12 0 TVC
1 12 10
80 2 12 16
3 12 21
4 12 28
60 5 12 40
6 12 60
7 12 91
40

20
TFC
0
0 1 2 3 4 5 6 7 8
Output TFC TVC TC
Total costs for firm X
100 (Q) (£) (£) (£)

0 12 0 12 TVC
1 12 10 22
80 2 12 16 28
3 12 21 33
4 12 28 40
60 5 12 40 52
6 12 60 72
7 12 91 103
40

20
TFC
0
0 1 2 3 4 5 6 7 8
Output TFC TVC TC
Total costs for firm X
100 (Q) (£) (£) (£) TC
0 12 0 12 TVC
1 12 10 22
80 2 12 16 28
3 12 21 33
4 12 28 40
60 5 12 40 52
6 12 60 72
7 12 91 103
40

20
TFC
0
0 1 2 3 4 5 6 7 8
Total costs for firm X
100 TC
TVC
80

Diminishing marginal
60
returns set in here

40

20
TFC
0
0 1 2 3 4 5 6 7 8
Short-run costs

Marginal cost
= TC / Q
Costs (£) Deriving marginal costs
120
Q TC MC
100 0 12
10
1 22
6
2 28
80 5
3 33
7
4 40
12
60 5 52
20
6 72
31
40
7 103

20

0
0 1 2 3 4 5 6 7
Q
Costs (£) Deriving marginal costs
120
Q TC MC
100 0 12 TC
10
1 22
6
2 28
80 5
3 33
7
4 40
12
60 5 52
20
6 72
31
40
7 103

20

0
0 1 2 3 4 5 6 7
Q
Costs (£) Deriving marginal costs
120
Q TC MC
100 0 12 TC
10
1 22
6
2 28
80 5
3 33
7
4 40
12
60 5 52
20
6 72
31 ∆TC = 12
40
7 103
∆Q = 1
20

0
0 1 2 3 4 5 6 7
Q
Costs (£) Deriving marginal costs
120
Q TC MC
100 0 12 TC
10
1 22
6
2 28
80 5
3 33
7
4 40
12
60 5 52
20
6 72
31
40
7 103
Diminishing
returns set
MC
in here
20

0
0 1 2 3 4 5 6 7
Q
Costs (£) Deriving marginal costs
35
MC
30

25
Diminishing marginal
20 returns set in here

15

10

0
0 1 2 3 4 5 6 7
Q
Short-run costs

Average cost
=TC / Q
Costs (£)
35

30

25

20

15

10

0
0 1 2 3 4 5 6 7
Q
Costs (£) Q TVC AVC
35 0 0 -
1 10 10
30 2 16 8
3 21 7
25 4 28 7
5 40 8
20 6 60 10
7 91 13
15

10

5
AFC
0
0 1 2 3 4 5 6 7
Q
Costs (£) Q TVC AVC
35 0 0 -
1 10 10
30 2 16 8
3 21 7
25 4 28 7
5 40 8
20 6 60 10
3 13
7 91
15

10 AVC

5
AFC
0
0 1 2 3 4 5 6 7
Q
Costs (£) Q TC AC
35 0 12
1 22 22
30 2 28 14
3 33 11
25 4 40 10
5 52 10.4
20 6 72 12
7 103 14.7
15

10 AVC

5
AFC
0
0 1 2 3 4 5 6 7
Q
Costs (£) Q TC AC
35 0 12
1 22 22
30 2 28 14
3 33 11
25 4 40 10
5 52 10.4
20 6 72 12
7 103 14.7
15
AC

10 AVC

5
AFC
0
0 1 2 3 4 5 6 7
Q
Costs (£) Q TC MC
35 0 12
10
1 22
6
30 2 28
5
3 33
7
25 4 40
12
5 52
20
20 6 72
31
7 103
15

10

0
0 1 2 3 4 5 6 7
Q
Costs (£) Q TC MC
35 0 12
10 MC
1 22
6
30 2 28
5
3 33
7
25 4 40
12
5 52
20
20 6 72
31
7 103
15

10

0
0 1 2 3 4 5 6 7
Q
Costs (£) Q TC MC AC
35 0 12 -
10 MC
1 22 22
6
30 2 28 14
5
3 33 11
7
25 4 40 10
12
5 52 10.4
20
20 6 72 12
31
7 103 14.7
15

10

0
0 1 2 3 4 5 6 7
Q
Costs (£) Q TC MC AC
35 0 12 -
10 MC
1 22 22
6
30 2 28 14
5
3 33 11
7
25 4 40 10
12
5 52 10.4
20
20 6 72 12
31
7 103 14.7
15
AC

10

0
0 1 2 3 4 5 6 7
Q
Average and marginal costs
MC
AC

AVC
Costs (£)

x
AFC

Output (Q)
Long-run costs

Long-run costs
=TC / Q
Alternative long-run average cost curves

Economies of Scale
Costs

LRAC

O Output
Alternative long-run average cost curves

LRAC
Diseconomies of Scale
Costs

O Output
Alternative long-run average cost curves

Constant costs
Costs

LRAC

O Output
A typical long-run average cost curve

LRAC
Costs

O Output
A typical long-run average cost curve

Economies Constant Diseconomies LRAC


of scale costs of scale
Costs

O Output
Long-run average and marginal costs

Economies of Scale
Costs

LRAC
LRMC

O Output
Long-run average and marginal costs

LRMC

LRAC
Diseconomies of Scale
Costs

O Output
Long-run average and marginal costs

Constant costs
Costs

LRAC = LRMC

O Output
Long-run average and marginal costs

LRMC
Initial economies of scale,
then diseconomies of scale
LRAC
Costs

O Output
Long-run costs

Relationship between
short-run and long-run
AC curves
Deriving long-run average cost curves: factories of fixed size

SRAC1 SRAC SRAC5


2
SRAC4
SRAC3

5 factories
Costs

1 factory
2 factories
3 factories4 factories

O
Output
Deriving long-run average cost curves: factories of fixed size

SRAC1 SRAC SRAC5


2
SRAC4
SRAC3

LRAC
Costs

O
Output
Deriving long-run average cost curves: choice of factory size
Costs

Examples of short-run
average cost curves

O
Output
Deriving long-run average cost curves: choice of factory size

LRAC
Costs

O
Output

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