What is financial capital?
Production and Costs
- Output is produced by combining inputs: Q = f[ L, K, Entrepreneurship, etc..]
- Fixed versus Variable Inputs
- Every factor of production (i.e. input) has an associated factor price.
- Explicit versus Implicit Costs
- Accounting versus Economic Profits
- Short Run Production…. Diminishing Marginal Productivity
- Long Run Production
- Marginal Average Rule
- Total, Average and Marginal Product
- Short Run Costs versus Long Run Costs
- Total, Average and Marginal Costs, Fixed versus variable costs
Mechanics of Producer Equilibrium
- Market Demand versus the Firm’s Demand
- Profit Maximization using the Total Approach
- Profit Maximization using the Marginal Approach
- MR = MC !
- Average Revenue (P) versus Average Cost
- Breakeven Point versus Shutdown Point
Firms’ Behavior in the Real World
- Value Creation vs. Exploiting Market Power
- Net Value Creation = Consumer Surplus + Producer Surplus
- Sources of Market/Monopoly Power
- Zero Economic Profits means firms are earning a “normal” accounting profit.
- Monopoly Profits = Positive Economic Profits
- Economic Rent
- Product Innovation
- Price Discrimination
- Product Differentiation and Advertising
Source: Dr. Greenlaws ECON 202
Vista Point TORONTO Canada
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