迈克尔版本微观经济学 第十章 Chapter10_SM
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The firm’s opportunity cost of using the capital it owns is called the implicit rental rate of capital.
© 2010 Pearson Education Canada
The Firm and Its Economic Problem
The implicit rental rate of capital is made up of 1. Economic depreciation 2. Interest forgone Economic depreciation is the change in the market value of capital over a given period.
A firm’s goal is to maximize profit.
If the firm fails to maximize its profit, the firm is either eliminated or bought out by other firms seeking to maximiห้องสมุดไป่ตู้e profit.
The firm incurs an opportunity cost of production because it could have sold the capital and rented capital from another firm. The firm implicitly rent the capital from itself.
© 2010 Pearson Education Canada
The Firm and Its Economic Problem
Economic Profit Economists measure a firm’s profit to enable them to predict the firm’s decisions, and the goal of these decisions is to maximize economic profit. Economic profit is equal to total revenue minus total cost, with total cost measured as the opportunity cost of production.
© 2010 Pearson Education Canada
The Firm and Its Economic Problem
Resources Owned by the Firm If the firm owns capital and uses it to produce its output, then the firm incur an opportunity cost.
© 2010 Pearson Education Canada
The Firm and Its Economic Problem
Accounting Profit Accountants measure a firm’s profit to ensure that the firm pays the correct amount of tax and to show its investors how their funds are being used. Accounting Profit equals total revenue minus total cost where total cost is the explicit cost of production. All accounting costs must either be documented with a receipt or estimated according to strict, generally accepted accounting procedures.
© 2010 Pearson Education Canada
The Firm and Its Economic Problem
© 2010 Pearson Education Canada
Bought in the market
Owned by the firm
Supplied by the firm's owner
© 2010 Pearson Education Canada
The Firm and Its Economic Problem
Resources Bought in the Market The amount spent by a firm on resources bought in the market is an opportunity cost of production because the firm could have bought different resources to produce some other good or service.
© 2010 Pearson Education Canada
The Firm and Its Economic Problem
A Firm’s Opportunity Cost of Production A firm’s opportunity cost of production is the value of the best alternative use of the resources that a firm uses in production. A firm’s opportunity cost of production is the sum of the cost of using resources
Normal profit is the cost of entrepreneurship and is a cost of production.
© 2010 Pearson Education Canada
The Firm and Its Economic Problem
In addition to supplying entrepreneurship, the owner might supply labour but not take as wage. The opportunity cost of the owner’s labour is the wage income forgone by not taking the best alternative job. Economic Accounting: A Summary Economic profit equals a firm’s total revenue minus its total opportunity cost of production. The example in Table 10.1 on the next slide summarizes the economic accounting.
Chapter 10 The Firm and Its Economic Problem
A firm is an institution that hires factors of production and organizes them to produce and sell goods and services. The Firm’s Goal
Interest forgone is the return on the funds used to acquire the capital.
© 2010 Pearson Education Canada
The Firm and Its Economic Problem
Resources Supplied by the Firm’s Owner The owner might supply both entrepreneurship and labour. The return to entrepreneurship is profit. The profit that an entrepreneur can expect to receive on average is called normal profit.
© 2010 Pearson Education Canada
The Firm and Its Economic Problem
The implicit rental rate of capital is made up of 1. Economic depreciation 2. Interest forgone Economic depreciation is the change in the market value of capital over a given period.
A firm’s goal is to maximize profit.
If the firm fails to maximize its profit, the firm is either eliminated or bought out by other firms seeking to maximiห้องสมุดไป่ตู้e profit.
The firm incurs an opportunity cost of production because it could have sold the capital and rented capital from another firm. The firm implicitly rent the capital from itself.
© 2010 Pearson Education Canada
The Firm and Its Economic Problem
Economic Profit Economists measure a firm’s profit to enable them to predict the firm’s decisions, and the goal of these decisions is to maximize economic profit. Economic profit is equal to total revenue minus total cost, with total cost measured as the opportunity cost of production.
© 2010 Pearson Education Canada
The Firm and Its Economic Problem
Resources Owned by the Firm If the firm owns capital and uses it to produce its output, then the firm incur an opportunity cost.
© 2010 Pearson Education Canada
The Firm and Its Economic Problem
Accounting Profit Accountants measure a firm’s profit to ensure that the firm pays the correct amount of tax and to show its investors how their funds are being used. Accounting Profit equals total revenue minus total cost where total cost is the explicit cost of production. All accounting costs must either be documented with a receipt or estimated according to strict, generally accepted accounting procedures.
© 2010 Pearson Education Canada
The Firm and Its Economic Problem
© 2010 Pearson Education Canada
Bought in the market
Owned by the firm
Supplied by the firm's owner
© 2010 Pearson Education Canada
The Firm and Its Economic Problem
Resources Bought in the Market The amount spent by a firm on resources bought in the market is an opportunity cost of production because the firm could have bought different resources to produce some other good or service.
© 2010 Pearson Education Canada
The Firm and Its Economic Problem
A Firm’s Opportunity Cost of Production A firm’s opportunity cost of production is the value of the best alternative use of the resources that a firm uses in production. A firm’s opportunity cost of production is the sum of the cost of using resources
Normal profit is the cost of entrepreneurship and is a cost of production.
© 2010 Pearson Education Canada
The Firm and Its Economic Problem
In addition to supplying entrepreneurship, the owner might supply labour but not take as wage. The opportunity cost of the owner’s labour is the wage income forgone by not taking the best alternative job. Economic Accounting: A Summary Economic profit equals a firm’s total revenue minus its total opportunity cost of production. The example in Table 10.1 on the next slide summarizes the economic accounting.
Chapter 10 The Firm and Its Economic Problem
A firm is an institution that hires factors of production and organizes them to produce and sell goods and services. The Firm’s Goal
Interest forgone is the return on the funds used to acquire the capital.
© 2010 Pearson Education Canada
The Firm and Its Economic Problem
Resources Supplied by the Firm’s Owner The owner might supply both entrepreneurship and labour. The return to entrepreneurship is profit. The profit that an entrepreneur can expect to receive on average is called normal profit.