© 2008 pearson addison wesley. all rights reserved chapter seven costs

© 2008 Pearson Addison Wesley. All rights reserved

Chapter Seven

Costs

© 2008 Pearson Addison Wesley. All rights reserved. 7-2

Equation 7.1


Equation 7.2


Figure 7.1Short-Run Cost Curves


Equation 7.3


Equation 7.4


Equation 7.5


Figure 7.2Effect of a Specific Tax on Furniture Firm’s Cost Curves


Equation 7.6


Equation 7.7


Equation 7.8


Figure 7.3Cost Minimization


Equation 7.9


Equation 7.10


Equation 7.11


Equation 7.12


Equation 7.13


Equation 7.14


Equation 7.15


Equation 7.16


Equation 7.17


Equation 7.18


Equation 7.19


Figure 7.4Output Maximization


Equation 7.20


Figure 7.5Change in Factor Price


Equation 7.21


Figure 7.6(a)Expansion Path and Long-Run Cost Curve


Figure 7.6(b)Expansion Path and Long-Run Cost Curve


Equation 7.22


Table 7.1Shape of Average Cost Curves in Canadian Manufacturing


Figure 7.7(a)Long-Run Average Cost as the Envelope of Short-Run Average Cost Curves


Figure 7.7(b)Long-Run Average Cost as the Envelope of Short-Run Average Cost Curves


Figure 7.8Long-Run and Short-Run Expansion Paths


Figure 7.9(a)Learning by Doing


Figure 7.9(b)Learning by Doing


Figure 7.10Joint Production

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