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Chapter 6 - Cost analysis. Chapter 6 examines closely related issues concerning the firm’s costs. Managers are continually seeking less costly ways to produce and sell the firm’s goods and services.
Managerial Economics, 8e William F. Samuelson ● Stephen G. Marks Chapter SIX Cost Analysis Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Delete each element of capability until system capability is totally gone and 30 percent of the cost will still remain ~Norman Augustine, Augustine’s Laws Copyright © 2015 John Wiley & Sons, Inc. All rights reserved For Discussion Allocating Costs A sporting goods firm recently experimented with producing a new line of shoes: crosstraining shoes for boys 10 to 16 years old How should the company’s fixed costs be allocated between this new shoe line and other lines? Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Relevant Costs Opportunity Costs & Economic Profits Economic Profit Starting a Business Fixed and Sunk Costs Business Behavior—Sunk Costs Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Cost of Production ShortRun Costs LongRun Costs ShortRun versus LongRun Cost Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Figure 6.1 A Firm’s Total Costs Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Figure 6.2 A Firm’s Average and Marginal Costs Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Figure 6.3 ShortRun versus LongRun Cost Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Returns to scale and scope Returns to Scale Economies of Scope ECommerce and Cost Economies Flexibility and Innovation Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Figure 6.4 UShaped, LongRun Average Cost Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Figure 6.5 Three examples of LongRun Average Cost Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Cost Analysis and Optimal Decisions A Single Product The ShutDown Rule Multiple Products Multiple Products: A Numerical Example Allocating Costs: Revisited Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Figure 6.6 A Firm’s Optimal Output Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Figure 6.7 Shutting Down Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Appendix to Chapter 6 TRANSFER PRICING A Market for Chips Transfer Pricing: A Numerical Example Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Figure 6A.1 Transfer Pricing Copyright © 2015 John Wiley & Sons, Inc. All rights reserved ... Figure 6. 6 A Firm’s Optimal Output Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Figure 6. 7 Shutting Down Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Appendix to Chapter 6. .. Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Figure 6. 4 UShaped, LongRun Average Cost Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Figure 6. 5 Three examples of LongRun Average Cost... Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Figure 6. 1 A Firm’s Total Costs Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Figure 6. 2 A Firm’s Average and Marginal Costs Copyright © 2015 John Wiley & Sons, Inc. All rights reserved