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
显性成本
explicit cost
=
accounting cost
fixed cost 包括
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
least-cost point
=when ATC is minimum
normal profit 的含义
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
Product：
MP与TP的关系
MP>0, TP上升
MP=0, TP=max
MP<0, TP下降
Product：
MP与AP的关系
MP>AP, AP上升
MP=AP， AP=max
MP
Revenue:
perfect competition
关于TR, AR, MR, Price的结论
1。企业是price taker，价格对于企业是perfectly elastic
2。 MR=P=AR=水平线
Revenue:
imperfect competition
TR, AR, MR, Price关系
1。MR=0, TR=max
- MR=PX(1 - 1/[e])
产生law of diminishing returns的原因
- fixed input (厂房、设备等)限制
- 工人素质下降（先雇佣最好的）
a firm that increases its quantity produced without any change in per-unit cost is expericing:
constant returns to scale
