Minggu ke-4 Biaya dan Penerimaan-ani.pdf

8/11/2019 Minggu ke-4 Biaya dan Penerimaan-ani.pdf

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Economic Dimension

Kita perlumenghitung harga

dari outputKita juga perlumenghitung biaya

untuk input


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Kunci dari fungsi BiayaThe following cost derivations play a keyrole in decision-making:

Marginal cost (MC) = total cost output

Averagevariable (AVC) = total variable cost output

cost

Averagetotal (ATC) = total cost outputcost


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From TPPcurve onpage 113


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Fixed costs are$100 no matter

the level of

production


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Column (2)divided bycolumn (1)


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Costs that varywith level ofproduction


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Column (4)divided bycolumn (1)


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Column (2)plus

column (4)


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Change in column (6)associated with a

change in column (1)


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Column (6) dividedby column (1) or


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or column (3) pluscolumn (5)


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Plotted cost relationshipsfrom table 6.3 on page 118

Plotting costs for levels of output


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Key Revenue Concepts

Notice the price in column (2) is identical to marginal revenue in column(7). What about average revenue, or AR? What do you see if you dividetotal revenue in column (3) by output in column (1)? Yes, $45. Thus,P = MR = AR under perfect competition.

Now lets assume this firm can sell its product for $45/unit


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Profit maximizinglevel of output,

where MR=MC

P=MR=AR $45

11.2


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AverageProfit = $17,or AR ATC

P=MR=AR

$45-$28$28


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Total profitpada harga

$45

P=MR=AR

11.2 ($45 - $28) = $190.40


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Profit = 0, jika harga turun keP BE .Produsen akan berproduksihanya pd tk output O BE . AR-ATC=0

P=MR=AR


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Economic lossesif price falls to P SD .Firm would shut down

below output O SD

P=MR=AR


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Where is the firms supply curve?

P=MR=AR


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P=MR=AR

Marginal cost curveabove AVC curve?


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Key Revenue Concepts

The previous graph indicated that profit is maximized at 11.2units of output, where MR ($45) equals MC ($45). This occursbetween lines G and H on the table above, where at 11.2 unitsof output profit would be $190.40 . Lets do the math.


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The Firms Supply Curve

28

P=10

18

45

$

Q11.210.38.6

MC

ATC

AVC

7.0


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Now lets look at thedemand for a single input:

Labor


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Key Input RelationshipsThe following input-related derivations also play a key role indecision-making:

Marginalvalue (MVP) = marginal physical product price

product

Marginal

input (MIC) = wage rate, rental rate, etc.cost


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5

B

C

D

E

F

G

HI

J

Use a variable input likelabor up to the point

where the value receivedfrom the market equalsthe cost of another unit ofinput, or MVP=MIC


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5

The area below thegreen lined MVPcurve and above thegreen lined MICcurve representscumulative net benefit.

B

C

D

E

F

G

HI

J


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MVP = MPP $45


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Profit maximized where MVP = MIC

or where MVP =$5 and MIC = $5


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=

Marginal net benefit in column (5)is equal to MVP in column (3) minusMIC of labor in column (4)


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The cumulative net benefit incolumn (6) is equal to the sumof successive marginal net benefit

in column (5)


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For example $25.10 = $9.85 + $15.25$58.35 = $25.10 + $33.25


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=

Cumulative net benefitis maximized where

MVP=MIC at $5


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5

If you stopped at pointE on the MVP curve,for example, youwould be foregoing allof the potential profitlying to the right of

that point up to whereMVP=MIC.

B

C

D

E

F

G

HI

J


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5

If you went beyond thepoint whereMVP=MIC, you beginincurring losses.

B

C

D

E

F

G

HI

J


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A Final Thought

One final relationship needs to be made. The levelof profit-maximizing output ( O MAX ) in the graph onpage 123 where MR = MC corresponds directly withthe variable input level ( L MAX ) in the graph on page125 where MVP = MIC .

O MAX = f( L MAX | capital, land and management)


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In Summary Gambaran Tentang PasarPersaingan SempurnaFaktor Produksi/input(Land, Labor, Capital andManagement)Key decision rule: Profitmaximized at outputMR=MCKey decision rule: Profitmaximized whereMVP=MIC

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Minggu ke-4 Biaya dan Penerimaan-ani.pdf