——————opportunitycostopportunitycostopportunitycostexplicitcostexplicitcostexplicitcostimplicitcostimplicitcostimplicitcost——————TotalCostTCTotalCostTotalCostTCTCAverageCostACAverageCostAverageCostACACAC=AC=AC=TCTCTCQQQMarginalCostMCMarginalCostMarginalCostMCMCQQQMC=limMC=MC=limlimTCTCTCQ0QQ00dTCdTCdTCdQdQdQ===QQQMC=MC=MC=TCTCTC——————111VariableCostVCVariableCostVariableCostVCVCFixedCostFCFixedCostFixedCostFCFC(TotalFixedCostTFC)(TotalVariableCostTVC)(Short-runTotalCostSTC)STC=TFC+TVC(TotalFixedCost(TotalFixedCostTFC)TFC)(TotalVariableCost(TotalVariableCostTVC)TVC)(Short(Short--runTotalCostrunTotalCostSTC)STC)STC=TFCSTC=TFC++TVCTVCQ=f(L,K)Q=fQ=f((LL,,KK))TVC=w·L(Q)wTVC=wTVC=w··LL((QQ))wwSTC=TVC+TFC=w·L(Q)+TFCSTC=TVCSTC=TVC++TFC=wTFC=w··LL((QQ)+)+TFCTFCAFC=AFC=AFC=QQQTFCTFCTFCAVC=AVC=AVC=QQQTVCTVCTVCQQQw·Lww··LL===APLAPAPLL111=w·=w=w··SAC=SAC=SAC=QQQSTCSTCSTC=AVC+AFC=AVC=AVC++AFCAFCSMC=limSMC=SMC=limlimQQQSTCSTCSTCQ0QQ00===dQdQdQdSTCdSTCdSTC===dQdQdQdTVCdTVCdTVCdQdQdQdTFCdTFCdTFC+++===dQdQdQdTVCdTVCdTVC+0+0+0dQdQdQdLdLdL=w·=w=w··MPLMPMPLL111=w·=w=w··OLOOLLQQQTPTPTPAPAPAPMPMPMPAAABBBGGGOQOOQQCCCAFCAFCAFCSACSACSACAVCAVCAVCSMCSMCSMCTFCTFCTFCTVCTVCTVCSTCSTCSTCwSMCMPwwSMCSMCMPMPOQOOQQCCC——————111222Long-runTotalCostLTCLongLong--runTotalCostrunTotalCostLTCLTCOQOOQQCCCSTC1STCSTC11STC2STCSTC22STC3STCSTC33LTCLTCLTC“”““””Long-runAverageCostLACLongLong--runAverageCostrunAverageCostLACLACOQOOQQCCCLACLACLACSAC1SACSAC11SAC2SACSAC22SAC3SACSAC33SAC4SACSAC44SAC5SACSAC55“”““””SAC1SACSAC11SAC2SACSAC22SAC3SACSAC33SAC4SACSAC44SAC5SACSAC55OQOOQQCCCLACLACLACLong-runMarginalCostLMCLongLong--runMarginalCostrunMarginalCostLMCLMCSMC1SMCSMC11SMC2SMCSMC22SMC3SMCSMC33SMC4SMCSMC44LMCLMCLMCrevenuerevenuerevenueTotalRevenueTRTotalRevenueTotalRevenueTRTRTR=P·QTR=PTR=P··QQAverageRevenueARAverageRevenueAverageRevenueARARAR=AR=AR=TRTRTRQQQ=P=P=PMarginalRevenueMRMarginalRevenueMarginalRevenueMRMRMR=MR=MR=TRTRTRQQQMR=limMR=MR=limlimTRTRTRQQQQ0QQ00===dTRdTRdTRdQdQdQOQOQOQTRTRTROQOQOQARMRARMRARMRTRTRTRPPPARARAR=MR=MR=MROQOQOQTRTRTROQOQOQARMRARMRARMRTRTRTRARARARQ1QQ11Q2QQ22MRMRMRQ1QQ11Q2QQ22revenuerevenuerevenue1profit11profitprofit——————=–==––revenuerevenuerevenue1profit11profitprofit222TR=f(Q)TR=fTR=f((QQ))TC=g(Q)TC=gTC=g((QQ))=TR-TC=f(Q)-g(Q)=TR=TR--TC=fTC=f((QQ))--gg((QQ))TRTRTRTCTCTCTRTCTRTCTRTCOQOQOQddddQdQdQ=0=0=0dTRdTRdTRdQdQdQdTCdTCdTCdQdQdQ---=0=0=0dTRdTRdTRdQdQdQdTCdTCdTCdQdQdQ===MR=MCMR=MCMR=MCMRMCQQMRMCMR=MCQMRMRMCMCQQQQMRMRMCMCMR=MCMR=MCQQMRMCQQMRMCMR=MCQMRMRMCMCQQQQMRMRMCMCMR=MCMR=MCQQ