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Managerial Economicsin a Global Economy

Chapter 7

Cost Theory and Estimation

PowerPoint Slides Prepared by Robert F.Brooker, Ph.D. Copyright 2004 by South-

Western, a division of Thomson Learning. All


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The Nature of Costs

Explicit Costs

Accounting Costs

Economic Costs Implicit Costs

Alternative or Opportunity Costs

Relevant Costs Incremental Costs

Sunk Costs are Irrelevant




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ACC COSTTC = EC

EC COSTTC= EC+IC

LULUS KULIAH-LANJUT

-KERJA




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Short-Run Cost Functions

Total Cost = TC = f(Q)

Total Fixed Cost = TFCTotal Variable Cost = TVC

TC = TFC + TVC




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Average Total Cost = ATC =

TC/Q

Average Fixed Cost = AFC =

TFC/QAverage Variable Cost = AVC =

TVC/Q

ATC = AFC + AVC

Marginal Cost = TC/Q =

TVC/

Q




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Q TFC TVC TC AFC AVC ATC MC

0 $60 $0 $60 - - - -

1 60 20 80 $60 $20 $80 $202 60 30 90 30 15 45 10

3 60 45 105 20 15 35 15

4 60 80 140 15 20 35 35

5 60 135 195 12 27 39 55




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Average Variable Cost

AVC = TVC/Q = w/APL

Marginal Cost

TC/Q = TVC/Q = w/MPL




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Long-Run Cost Curves

Long-Run Total Cost =

LTC = f(Q)Long-Run Average Cost =

LAC = LTC/Q

Long-Run Marginal Cost =

LMC = LTC/QPowerPoint Slides Prepared by Robert F.Brooker, Ph.D. Copyright 2004 by South-



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Derivation of Long-Run Cost Curves




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Relationship Between Long-Run and

Short-Run Average Cost Curves




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Possible Shapes of

the LAC Curve




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Learning Curves

Average Cost of Unit Q = C = aQb

Estimation Form: log C = log a +

b Log Q




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Minimizing Costs Internationally

Foreign Sourcing of Inputs

New International Economies of

Scale

Immigration of Skilled Labor

Brain Drain

PowerPoint Slides Prepared by Robert F.

Brooker, Ph.D. Copyright 2004 by South-



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Architecture of Ideal Firm

Core Competencies

Outsourcing of Non-Core Tasks

Learning Organization Efficiency and Flexibility

Location Near Markets

Agility in Responding to MarketForces





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Biaya Menerbitkan Buku Ekonomi Manajerial:

Biaya Tetap Total:

-Penyuntingan 10.000

-Setting 70.000

-Promosi 20.000Total Biaya Tetap 100.000

Biaya Var. Rata-rata:

-cetak 6

-admin 2-diskon tk buku 7

-komisi penjl 1

-Royalty 4

Total Biaya Variabel 20

Harga Jual 30

a. Hitung Q BEPnya.

b. Jika Perush menargetkan laba 60.000, brp

output yang harus diproduksiPowerPoint Slides Prepared by Robert F.




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Qbep = 100.000/(30-20) =10.000

TR = P*Q = 30 * 10.000 = 300.000TC = 100.000 + (20*10.000) =300.000

Q* = FC + laba diinginkan/(P-AVC)

= 100.000 + 60.000 /30-20=16.000

TR = P*Q = 30*16.000 =480.000

TC=100.000 + (20.16.000) =420.000

Laba 60.000





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Cost-Volume-Profit Analysis

P = 40

TFC = 200

AVC = 5

QBE= 40





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Operating Leverage

Operating Leverage = TFC/TVC

Degree of Operating Leverage = DOL

% ( )% ( )

Q P AVC DOLQ Q P AVC TFC





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Operating Leverage

TC has a higher DOL

than TC and therefore

a higher QBE





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Empirical Estimation

Data Collection Issues Opportunity Costs Must be

Extracted from Accounting Cost

Data

Costs Must be Apportioned

Among Products

Costs Must be Matched to

Output Over Time

Costs Must be Corrected for

InflationPowerPoint Slides Prepared by Robert F.




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Functional Form for Short-Run Cost Functions

2 3TVC aQ bQ cQ

2TVCAVC a bQ cQ

Q

22 3MC a bQ cQ

Theoretical Form Linear Approximation

TVC a bQ

aAVC b

Q

MC b





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Theoretical Form Linear Approximation





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Long-Run Cost Curves

Cross-Sectional Regression

Analysis Engineering Method

Survival Technique





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Actual LAC versus empirically estimated LAC



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