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• W2194594636 abstract "In economics, the cost of an event is the highest-valued opportunity necessarily forsaken. The usefulness of the concept of cost is a logical implication of choice among available options. Only if no alternatives were possible or if amounts of all resources were available beyond everyone's desires, so that all goods were free, would the concepts of cost and of choice be irrelevant. Armen Alchian The individual firm plays a critical role both in theory and in the real world. The firm straddles two basic economic institutions: the markets for resources (labor, capital, and land) and the markets for goods and services (everything from trucks to truffles). The firm must be able to identify what people want to buy, at what price, and to organize the great variety of available resources into an efficient production process. It must sell its product at a price that covers the cost of its resources (including the opportunity cost of capital, if not generate an economic profit for its owners), yet allows it to compete with other firms. Moreover, it must accomplish those objectives while competing firms are seeking to meet the same goals. How does the firm do all this? Clearly, firms do not all operate in exactly the same way. They differ in organizational structure and in management style, in the resources they use, and in the products they sell. This chapter cannot possibly cover the great diversity of business management techniques. Rather, our purpose is to develop the broad principles that guide most firms’ production decisions. In the process we develop an alternative explanation for why firms are the sizes they are that complements the theory of firm size in Chapter 8. As with individuals, firms are beset by the necessity of choice which, as Armen Alchian reminds us in the chapter epigraph, implies a cost. Costs are both the result of having to make choices and the obstacles to those choices; they restrict us in what we do. Thus a firm's cost structure (the way cost varies with production) reflects how firms deal with the obstacles of making a profitable production decision in both the short and the long run. Business students should understand a firm's cost structure because firms don't do anything on their own. Managers are the forces behind the firm's activities and the decisions that ultimately determine profitability." @default.
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• W2194594636 date "2010-08-02" @default.
• W2194594636 modified "2023-09-23" @default.
• W2194594636 title "Production costs in the short run and long run" @default.
• W2194594636 doi "https://doi.org/10.1017/cbo9780511761140.012" @default.
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