IV-firm perspective-5 Flashcards
define:
total fixed cost, TFC
total variable cost, TVC
total costs, TC
TFC：固定支出不随产量变化而变动，包括机会成本
TVC：随产量变化正比例变动, AVC*Q
TC: =TFC+TVC
accounting profit
economic profit
normal profit
的关系
accounting profit
=
economic profit + normal profit
economic profit 又叫做
abnormal profit
total cost, total fixed cost,
total variable cost
in chart
accounting profit =
total revenue - explicit (accounting) cost
normal profit就是
Implicit cost
use
TR-TC chart
to explain
breakdown point
(short-run, perfect competition)
define: normal profit
正常利润：经济利润为0时的会计利润
relationship of Accounting Profit, Economic Profit and Normal Profit
to
Firm’s Equity Value
total revenue
AR, MR, Price
in
imperfect competition (chart)
economic cost =
explicit (accounting) cost + implicit cost
average revenue,
marginal revenue
under
perfect competition
quasi-fixed cost
定义
准固定成本
一段时间内不变，生产扩大到一定程度后，上升到另一水平不变
define:
breakeven point
when average revenue
equals
average total cost
TR=TC
define:
average fixed cost, AFC
average variable cost, AVC
average total cost, ATC
marginal cost, MC
AFC= TFC/Q
AVC=TVC/Q
ATC=TC/Q or AVC+AFC
MC=ΔTC/ΔQ
3 approaches to calculate
profit maximization
- when TR-TC = max
- when MR=MC
- the last unit of resource that contribute profit
imcomplete competition市场中，
企业长短期运营分析，
如何寻找breakeven/shut down point
difine:
shutdown point
when average revenue
is less than
average variable cost
total revenue chart
under
perfect competition
ATC最低点
与
profit maximization的关系
不一定相同
average total cost
average variable cost
average fixed cost
marginal cost
in chart
difine:
total revenue TR
average revenue AR
marginal revenue MR
TR: P*Q, or Σ(Pi X Qi)
AR: TR/Q
MR: ΔTR/ΔQ
variable cost include
labor
raw materials
supplies
factors of production
land
labor
physical capital
materials
