Not So Silent Ball Not so fun either!.

Slides:



Advertisements
Similar presentations
Essential AP Microeconomics Formulas
Advertisements

PowerPoint Slides by Robert F. BrookerCopyright (c) 2001 by Harcourt, Inc. All rights reserved. Short-Run Cost Functions Total Cost = TC = f(Q) Total Fixed.
 fixed costs – costs that do not vary with the level of output. Fixed costs are the same at all levels of output (even when output equals zero).  variable.
MR Cost Curve Example MC ATC AFC AVC What is your level of production if your price is 25? PRICE QUANTITY.
1 Short Run Production Example Here we use an example to illustrate some additional concepts.
1 Costs in a Graph The curves we consider here are the ones used the most in our economic analysis.
DR. PETROS KOSMAS LECTURER VARNA FREE UNIVERSITY ACADEMIC YEAR LECTURE 5 MICROECONOMICS AND MACROECONOMICS ECO-1067.
Chapter 8 – Costs and production. Production The total amount of output produced by a firm is a function of the levels of input usage by the firm The.
She produces these in her own home without any help, unless she has a large number of orders on a particular day. Marcia Deal bakes and decorates large,
Cost and Production J.F.O’Connor. Production Function Relationship governing the transformation of inputs or factors of production into output or product.
Economics 2010 Lecture 11 Organizing Production (I) Production and Costs (The short run)
The Costs of Production Chp: 8 Lecture: 15 & 16. Economic Costs  Equal to opportunity costs  Explicit + implicit costs  Explicit costs  Monetary payments.
Copyright McGraw-Hill/Irwin, 2005 Economic Costs Short-Run and Long-Run Short-Run Production Relationships Short-Run Production Costs Short-Run.
8 - 1 Economic Costs Short-Run and Long-Run Short-Run Production Relationships Short-Run Production Costs Short-Run Costs Graphically Productivity and.
Chapter 8. The Meaning of Costs Opportunity costsOpportunity costs Measuring a firm’s opportunity costsMeasuring a firm’s opportunity costs –factors not.
AAEC 2305 Fundamentals of Ag Economics Chapter 4 Costs, Returns, and Profit Maximization.
The Firm and Cost Overheads. Costs in the short run Total cost — everything they must give up in order to produce output A firm’s total cost of production.
Short-run costs and output decisions 8 CHAPTER. Short-Run Cost Total cost (TC) is the cost of all productive resources used by a firm. Total fixed cost.
AAEC 3315 Agricultural Price Theory CHAPTER 6 Cost Relationships The Case of One Variable Input in the Short-Run.
Costs. Short-run costs Total cost Output (Q) TFC (R) 12 Total costs for firm X.
Aim: What are short-run production costs? Do Now: What are explicit costs? Implicit costs?
AAEC 2305 Fundamentals of Ag Economics Chapter 4 – Continued Costs, Returns, and Profit Maximization.
Production Costs, Supply and Price Determination Chapter 6.
Unit 3: The Costs of Production and Perfect Competition REVIEW ACTIVITY 1.
Units Of Output TFCTVCTCMCAFCAVC Marginal Cost Puzzle 20.
TC, TVC, TFC TFC Q1 Q2 Q MC ATC AVC AFC Q.
November 5, Lesson 3-4: Revenue, Profit, and Profit Maximization Rules 2.Activity Quiz Friday: Lessons 1-4 (Cumulative Unit 3 Quiz)
Chapter 7: Impacts of Output Decisions on Short- Run Costs, Revenues, and Profits for Competitive Firms.
Background to Supply. Background to Supply The Short-run Theory of Production.
Essential AP Microeconomics Formulas. AVERAGE PRODUCT (AP)
1. To define & evaluate a range of key cost, revenue & production related concepts 2. To explain the inter- relationship between costs (focusing upon the.
TABLE OF CONTENTS: I.CHAPTER 1 : ETHICS II.CHAPTER 2 : QUANTITATIVE METHODS III.CHAPTER 3 : ECONOMICS IV.CHAPTER 4 : FINANCIAL ANALYSIS TECHNIQUE V.CHAPTER.
Average product is the output per worker
Chapter 7. Consider this short-run cost data for a firm. Can you fill in the missing columns? And get all the curves? workersTPTVC AVCMCMP TFC TCAFCATC.
Cost Curve Model Chapter 13 completion. Costs of Production Fixed costs - do not change with quantity of output Variable costs - ↑ with quantity of output.
A.P. Microeconomics Daily: Draw & label no the same axis set, TFC, AFC & TVC.
 Define the supply curve of a perfectly competitive firm.
CH7 : Output, Price, and Profit : The Importance of Marginal Analysis Asst. Prof. Dr. Serdar AYAN.
Producer Choice: The Costs of Production and the Quest for Profit Mr. Griffin AP ECON MHS.
Unit 3: The Costs of Production and Perfect Competition 1.
TC TVC TFC TC = TVC + TFC Output ( Q ) TFC TVC TC
Chapter 6 Production, Cost, and Profit © 2001 South-Western College Publishing.
الفصل السادس نظرية التكاليف Costs Theory
Businesses and the Costs of Production
How Do Cost Curves Shift?
Chapter 6: Introduction to Differentiation and Applications
7b – Short Run Cost Curves PRACTICE
10 Businesses and the Costs of Production McGraw-Hill/Irwin
Cost Curve Model Chapter 13 completion.
7b – Short Run Cost Curves
Production & Costs in the Short-run
Carl B. Montano, Ph.D. Professor of Economics Lamar University
Themes 1 – 4 formula quiz.
A2 Economics Mr. Durham
Cost Curve Model Chapter 13 completion.
წარმოების დანახარჯები
Businesses and the Costs of Production
الفصل السادس نظرية التكاليف Costs Theory
Asst. Prof. Dr. Serdar AYAN
COST AND PRODUCTION.
AP MICROECONOMIC Practicing with Cost Curves
Businesses and the Costs of Production
Costs.
The Costs of Production
Businesses and the Costs of Production
(1) (C) P ($/unit) (A) P (B) P P1 P1 P1 TR TC q1 Q q1 Q q1 Q (2) Q P P
Sides Game.
Production Costs.
The Production Function II
TC TVC TFC TC = TVC + TFC Output ( Q ) TFC TVC TC
Presentation transcript:

Not So Silent Ball Not so fun either!

Round 1 Acronyms 5 seconds

MP

APP

AVC

MC

ATC

AP

TFC

MPP

MR

TVC

TC

AFC

M Π

TR

AR

T Π

TPP

A Π

D

End of Round 1

Round 2 Acronyms 3 seconds

AVC

ATC

TR

MPP

AP

MC

APP

MR

TVC

TC

AFC

M Π

TFC

AR

T Π

TPP

A Π

D

End of Round 2

Curves- choose the correct letter 4 seconds Round 3 Curves- choose the correct letter 4 seconds

MC A B C

TFC A B C

APP Q U A N T I Y A B LABOR C

TC A B C

MPP Q U A N T I Y A B LABOR C

AVC A B C

TPP Q U A N T I Y A B LABOR C

TVC A B C

ATC A B C

MR B A C D

AR B A C D

D B A C D

Round 4 Calculations at Profit Max. Q 15 seconds

TVC B A C D

TC B A C D

TR B A C D

T Π B A C D

TFC B A C D

B A C D