IV-firm perspective-5

Question 1

define:

total fixed cost, TFC

total variable cost, TVC

total costs, TC

Answer 1

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

Question 2

accounting profit

economic profit

normal profit

的关系

Answer 2

accounting profit

=

economic profit + normal profit

Question 3

economic profit 又叫做

Answer 3

abnormal profit

Question 4

total cost, total fixed cost,

total variable cost

in chart

Answer 4

Question 5

accounting profit =

Answer 5

total revenue - explicit (accounting) cost

Question 6

normal profit就是

Answer 6

Implicit cost

Question 7

use

TR-TC chart

to explain

breakdown point

(short-run, perfect competition)

Answer 7

Question 8

define: normal profit

Answer 8

正常利润：经济利润为0时的会计利润

Question 9

relationship of Accounting Profit, Economic Profit and Normal Profit

to

Firm’s Equity Value

Answer 9

Question 10

total revenue

AR, MR, Price

in

imperfect competition (chart)

Answer 10

Question 11

economic cost =

Answer 11

explicit (accounting) cost + implicit cost

Question 12

average revenue,

marginal revenue

under

perfect competition

Answer 12

Question 13

quasi-fixed cost

定义

Answer 13

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

Question 14

define:

breakeven point

Answer 14

when average revenue

equals

average total cost

TR=TC

Question 15

define:

average fixed cost, AFC

average variable cost, AVC

average total cost, ATC

marginal cost, MC

Answer 15

AFC= TFC/Q

AVC=TVC/Q

ATC=TC/Q or AVC+AFC

MC=ΔTC/ΔQ

Question 16

3 approaches to calculate

profit maximization

Answer 16

1. when TR-TC = max
2. when MR=MC
3. the last unit of resource that contribute profit

Question 17

imcomplete competition市场中，

企业长短期运营分析，

如何寻找breakeven/shut down point

Answer 17

Question 18

difine:

shutdown point

Answer 18

when average revenue

is less than

average variable cost

Question 19

total revenue chart

under

perfect competition

Answer 19

Question 20

ATC最低点

与

profit maximization的关系

Answer 20

不一定相同

Question 21

average total cost

average variable cost

average fixed cost

marginal cost

in chart

Answer 21

Question 22

difine:

total revenue TR

average revenue AR

marginal revenue MR

Answer 22

TR: P*Q, or Σ(P_i X Q_i)

AR: TR/Q

MR: ΔTR/ΔQ

Question 23

variable cost include

Answer 23

labor

raw materials

supplies

Question 24

factors of production

Answer 24

land

labor

physical capital

materials

Question 25

显性成本

Answer 25

explicit cost

=

accounting cost

Question 26

fixed cost 包括

Answer 26

厂房、机器、设备

债务融资的固定利息支出

正常利润

不参与生产员工的固定工资

Question 27

least-cost point

Answer 27

=when ATC is minimum

Question 28

normal profit 的含义

Answer 28

能够使企业起码覆盖隐性（机会）成本，能够维持生存的利润水平

Question 29

Product：

MP与TP的关系

Answer 29

MP>0, TP上升

MP=0, TP=max

MP<0, TP下降

Question 30

Product：

MP与AP的关系

Answer 30

MP>AP, AP上升

MP=AP， AP=max

MP

Question 31

Revenue:

perfect competition

关于TR, AR, MR, Price的结论

Answer 31

1。企业是price taker，价格对于企业是perfectly elastic

2。 MR=P=AR=水平线

Question 32

Revenue:

imperfect competition

TR, AR, MR, Price关系

Answer 32

1。MR=0, TR=max

2. MR=PX(1 - 1/[e])

Question 33

产生law of diminishing returns的原因

Answer 33

1. fixed input (厂房、设备等)限制
2. 工人素质下降（先雇佣最好的）

Question 34

a firm that increases its quantity produced without any change in per-unit cost is expericing:

Answer 34

constant returns to scale