Marginal cost and average total cost발음듣기
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Marginal cost and average total cost
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Right over here, I've written the gallons of orange juice I am going to produce each week, so all of this is going to be in a per week basis.발음듣기
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This is my fixed cost, so I'm assuming this is going to cost me $1,000, and let's say that that's the rent for this super robotic orange juicer that I bought that can really, and through that for the sake of simplicity, we're assuming that we can put as much orange juice as we want, or at least any of the amounts that I've listed right over here, and it also takes into the cost of maybe some employees who are spending some of their time operating this super orange juice mixer.발음듣기
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I'm assuming all of those are fixed cost, and I can't get out of them or buy them overnight, that I've decided, I've plunked down the cost for the machine, and I've given these employees, let's say I've given them already a one-year contract.발음듣기
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Now, my variable costs, here, these are going to be given the amount of juice I want to produce.발음듣기
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This is going to be the cost of the oranges, and I guess we can also say the cost of transporting the oranges, and so we see here, obviously if we produce no oranges, we have no variable cost.발음듣기
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'"Let me negotiate the price down," and also maybe with some of the people who are doing my shipping, my transportation.발음듣기
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What's probably happening is, as I start buying more and more oranges from the local distributors, I get a better, better deal.발음듣기
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They view me as a bigger and bigger customer, but once I tap them out, then I have to go further and further away.발음듣기
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Maybe it's costing more to transport them, or maybe these other suppliers don't take me as seriously or I go to slightly more expensive suppliers because I've tapped out all of the cheap ones, and so my incremental variable costs for the next 1,000, and we'll think about that later, keeps going up and up and up.발음듣기
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Remember, the average cost, the average fixed and the average variable and the average total cost, these are each of those costs divided by the total amount of juice that I'm producing.발음듣기
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So that we're thinking of the average fixed cost per gallon, so what we're going to do, so I'm writing equal to let Excel know that I'm doing a formula now, this is going to be equal to my fixed cost divided by, so divided by, divided by my gallons, and you can see that's G8 divided by F8, and actually, I guess you can't see my Gs and Fs, but this is the 8th row.발음듣기
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If I want my average variable costs, that's going to be my variable costs divided by, divided by my total number of gallons, so that's 50 cents, so that's the first 1,000 gallons to produce the orange juice, the orange juice for ... to produce a gallon, it costs me about 50 cents worth of oranges.발음듣기
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We could have said that this is just equal to, this is just equal to our total cost, our total cost divided by the total number of gallons.발음듣기
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Either way, you'll get the same thing, and maybe I'll do a video mathematically on why that is, or maybe you should explore that yourself.발음듣기
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This is equal to our change in cost, our change in total cost divided by our change in gallons of juice.발음듣기
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That's our change in total cost divided by our change in gallons, divided by 1,000 minus 0, our change in gallons, and that give us 50 cents.발음듣기
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Now, this is the fun thing about spreadsheets, one of the many fun things of spreadsheets, is now I can select all of these and fill in all of the things below it.발음듣기
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Now, what was neat here, and I already set up this chart ahead of time, is to plot these things right over here, and so we see what's going on.발음듣기
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This is a plot that we looked at in the last video, when we thought about software developers.발음듣기
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Our total cost is just a sum of the two, so you just take your variable costs, and you add the $1,000 from the fixed costs, and you get this curve right over here.발음듣기
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The average fixed costs, or actually the marginal costs, the average variable costs and the average total costs.발음듣기
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I haven't plotted the average fixed cost here, but it's really just the difference between the total and the variable costs.발음듣기
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Actually, let's look at the marginal costs first, because this is interesting, and this kind of goes in with this narrative of at first, those first oranges that we bought were expensive.발음듣기
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We weren't a major producer, but incrementally, incrementally, as we produce those next oranges, so as we go from 1,000 oranges, as we go from the oranges needed for 1,000 gallons to the oranges needed for 2,000 gallons, all of a sudden, our marginal cost went down.발음듣기
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As we get even more, as we go to 3,000 gallons worth of oranges, those incremental oranges get even cheaper for us.발음듣기
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Then we have to go and buy oranges from the outside, so those incremental oranges get more and more and more and more expensive.발음듣기
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That's most clear in this marginal cost curve, and it's somewhat clear in the average, the average variable cost.발음듣기
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In the average variable cost, it gets muffled to a certain degree, because remember the average variable cost at any one of these points, and we calculated it already several times.발음듣기
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The average variable cost at any of these points is equal to, is equal to your variable costs divided by the gallons of juice.발음듣기
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So another way to think about it, referring to the last video, if you're taking any one of these points, your average variable cost is the slope between that point and the origin, while the marginal cost is the slope between that point and the previous point, so the marginal cost is really showing how much are those next incremental oranges costing you, not just how much are all of the oranges on average costing you.발음듣기
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That's why the marginal cost curve captures, captures how much those that very next set of 1,000 gallons worth of oranges, how much that is costing you.발음듣기
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Obviously, your average total cost, at first you have your fixed cost, aren't being spread out too much, but then as you get more and more gallons of orange juice produced, your fixed cost gets spread out more and more and more, and so you actually have this gap, this gap between the green curve and the orange curve, which is really just your average fixed cost.발음듣기
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