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© 2008 Pearson Addison Wesley. All rights reserved Chapter Seven Costs.

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Presentation on theme: "© 2008 Pearson Addison Wesley. All rights reserved Chapter Seven Costs."— Presentation transcript:

1 © 2008 Pearson Addison Wesley. All rights reserved Chapter Seven Costs

2 © 2008 Pearson Addison Wesley. All rights reserved. 7-2 Equation 7.1

3 © 2008 Pearson Addison Wesley. All rights reserved. 7-3 Equation 7.2

4 © 2008 Pearson Addison Wesley. All rights reserved. 7-4 Figure 7.1 Short-Run Cost Curves

5 © 2008 Pearson Addison Wesley. All rights reserved. 7-5 Equation 7.3

6 © 2008 Pearson Addison Wesley. All rights reserved. 7-6 Equation 7.4

7 © 2008 Pearson Addison Wesley. All rights reserved. 7-7 Equation 7.5

8 © 2008 Pearson Addison Wesley. All rights reserved. 7-8 Figure 7.2 Effect of a Specific Tax on Furniture Firms Cost Curves

9 © 2008 Pearson Addison Wesley. All rights reserved. 7-9 Equation 7.6

10 © 2008 Pearson Addison Wesley. All rights reserved. 7-10 Equation 7.7

11 © 2008 Pearson Addison Wesley. All rights reserved. 7-11 Equation 7.8

12 © 2008 Pearson Addison Wesley. All rights reserved. 7-12 Figure 7.3 Cost Minimization

13 © 2008 Pearson Addison Wesley. All rights reserved. 7-13 Equation 7.9

14 © 2008 Pearson Addison Wesley. All rights reserved. 7-14 Equation 7.10

15 © 2008 Pearson Addison Wesley. All rights reserved. 7-15 Equation 7.11

16 © 2008 Pearson Addison Wesley. All rights reserved. 7-16 Equation 7.12

17 © 2008 Pearson Addison Wesley. All rights reserved. 7-17 Equation 7.13

18 © 2008 Pearson Addison Wesley. All rights reserved. 7-18 Equation 7.14

19 © 2008 Pearson Addison Wesley. All rights reserved. 7-19 Equation 7.15

20 © 2008 Pearson Addison Wesley. All rights reserved. 7-20 Equation 7.16

21 © 2008 Pearson Addison Wesley. All rights reserved. 7-21 Equation 7.17

22 © 2008 Pearson Addison Wesley. All rights reserved. 7-22 Equation 7.18

23 © 2008 Pearson Addison Wesley. All rights reserved. 7-23 Equation 7.19

24 © 2008 Pearson Addison Wesley. All rights reserved. 7-24 Figure 7.4 Output Maximization

25 © 2008 Pearson Addison Wesley. All rights reserved. 7-25 Equation 7.20

26 © 2008 Pearson Addison Wesley. All rights reserved. 7-26 Figure 7.5 Change in Factor Price

27 © 2008 Pearson Addison Wesley. All rights reserved. 7-27 Equation 7.21

28 © 2008 Pearson Addison Wesley. All rights reserved. 7-28 Figure 7.6(a) Expansion Path and Long-Run Cost Curve

29 © 2008 Pearson Addison Wesley. All rights reserved. 7-29 Figure 7.6(b) Expansion Path and Long-Run Cost Curve

30 © 2008 Pearson Addison Wesley. All rights reserved. 7-30 Equation 7.22

31 © 2008 Pearson Addison Wesley. All rights reserved. 7-31 Table 7.1 Shape of Average Cost Curves in Canadian Manufacturing

32 © 2008 Pearson Addison Wesley. All rights reserved. 7-32 Figure 7.7(a) Long-Run Average Cost as the Envelope of Short-Run Average Cost Curves

33 © 2008 Pearson Addison Wesley. All rights reserved. 7-33 Figure 7.7(b) Long-Run Average Cost as the Envelope of Short-Run Average Cost Curves

34 © 2008 Pearson Addison Wesley. All rights reserved. 7-34 Figure 7.8 Long-Run and Short-Run Expansion Paths

35 © 2008 Pearson Addison Wesley. All rights reserved. 7-35 Figure 7.9(a) Learning by Doing

36 © 2008 Pearson Addison Wesley. All rights reserved. 7-36 Figure 7.9(b) Learning by Doing

37 © 2008 Pearson Addison Wesley. All rights reserved. 7-37 Figure 7.10 Joint Production


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