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Types of education costs. Tasks and Solutions “Basic Economic Concepts” For students, the alternative value of studying at the university reflects

10.03.2022

Spider model

Tasks on the topic: "Fundamentals of a market economy"

Task 1.

The principle of rational housekeeping involves minimizing costs or maximizing utility. Yes or no?

Answer.

Yes. Rational housekeeping involves the analysis of costs and benefits, and the optimal solution involves minimizing costs or maximizing benefits (utility).

Task 2.

For students, the alternative value of studying at the university reflects:

scholarship amount;

the maximum earnings that you can get by dropping out of school;

expenses of parents for the maintenance of the student.

Answer.

b. the maximum earnings that you can get by dropping out of school.

Task 3.

The characteristics of an economic good are:

a. ability to meet needs;

b. rarity;

c. value;

d. everything stated is correct.

Answer.

d. everything stated is correct.

Task 4.

Seamstress Dotsenko is engaged in individual entrepreneurial activity: she sews fashionable clothes to order. She spends two days on one thing and receives a fee of 60 den. units. As a rule, she also works on weekends. But for the future weekend, she was offered a two-day vacation outside the city. The cost of the ticket is 100 den. Mrs. Dotsenko decided to rest. What will be the opportunity cost?

Answer.

Opportunity costs are equal to the costs of the trip plus the lost opportunity to earn income: 100+60=160 monetary units.

Task 5.

On weekends you can go skiing in the mountains. The trip and payment for skiing cost 80 den.u., but you are ready to pay 100 den.u.

will you go to the mountains?

your friend offers to fix his computer for 30 den. you love to build computers so much that you would agree to help a friend for free. Will you go to the mountains in this case?

You work weekends in a restaurant and can earn 100 den.ed. You don't like this job, so you won't do it for less than 90 den. Will you go to the mountains in this case?

if you do not go to the mountains, you can visit the robot exhibition of a famous artist. Entrance for students is free, but you dreamed about it so much that you are ready to pay 15 den. Will you go to the mountains in this case?

Answer.

a. The utility from a trip to the mountains is 100 monetary units, the costs are equal to 80 monetary units, since 100>80, then the trip is justified.

b. The usefulness of the trip is 100 monetary units, the costs are 80+30=110 monetary units. Since 100<110, то поездка не оправдана.

c. The utility from the trip is 100 monetary units, the total costs are 80+(100-90)=90 monetary units. Since 100>90, the trip is justified.

d. Since 100>80+15, the trip is justified.

Task 6.

The programmer Ivanova earns 10 den. units per hour. Her mother is retired. In the store for beef for 8 den.ed. per kilogram you need to stand for an hour, for beef for 12 den.ed. there is no queue per kilo. At what volume of purchases is it rational to purchase cheaper beef for the programmer Ivanova? Her mother?

Answer.

The alternative value of Ivanova Sr.'s time is zero. Therefore, for her, the queue is a rational choice. The alternative value of Ivanova's programmer's time is 10 den. units per hour. Therefore, the full price of beef at 8 den. units / kg is equal to 8x + 10, where x is the volume of purchase.

Let's solve the inequality:

So, for the programmer Ivanova, when buying meat over 2.5 kg, it is rational to stand in line.

Task 7.

Construct a production possibilities curve (PPV) of a conditional country using the following data.

Can the country's economy produce 2 million pieces of investment goods and 15 million pieces of consumer goods?

Can the country's economy produce 4 million pieces of investment goods and 3 million pieces of consumer goods?

Answer.

Let's build a curve by points.

1. 2 million pieces of investment goods and 15 million pieces of consumer goods corresponds to point K on the graph. Since point K lies outside the CPV, the country does not have enough resources for this option. This option is not possible.

2. Point G lies to the left of the CPB. This option is possible for the country, but when it is implemented, part of the resources will not be used, so this option is inefficient.

Task 8.

An agricultural enterprise that specializes in growing vegetables has two greenhouses. In one, you can grow 2000 tons of cucumbers per year or 1500 tons of tomatoes. It is known about the second that the opportunity cost of 1 ton of cucumbers is 0.5 tons of tomatoes with a maximum tomato yield of 600 tons.

1. Determine the opportunity cost of producing cucumbers in the first greenhouse.

2. In which greenhouse is it more profitable to grow tomatoes; cucumbers?

3. Build enterprise PPV.

Answer.

In the first greenhouse, the enterprise can grow 2,000 tons of cucumbers or 1,500 tons of tomatoes. This means that by growing cucumbers, the company loses the opportunity to grow tomatoes.

Opportunity cost of 2000 tons of cucumbers = 1500 tons of tomatoes or

1 ton of cucumbers = 1500/2000=0.75 tons of tomatoes;

1 ton of tomatoes = 2000/1500=1.33 tons of cucumbers.

First, we calculate the opportunity cost of growing tomatoes in the second greenhouse:

1 ton of cucumbers = 0.5 tons of tomatoes (by condition);

1 ton of tomatoes = 1/0.5=2 tons of cucumbers.

When comparing the alternative costs of products in each greenhouse, we can conclude that it is worth growing tomatoes in the first greenhouse, and cucumbers in the second one.

To build a CPV, it is necessary to calculate the maximum amount of production that can be grown in each greenhouse.

The second greenhouse: the maximum yield of tomatoes is 600 tons, if you grow only cucumbers, then you can harvest: 600x2=1200 tons of cucumbers. (1 ton of tomatoes = 2 tons of cucumbers).

Let's make a table of all possible production options.

A: We grow only tomatoes in both greenhouses. 1500+600=2100 tons

B: The first greenhouse grows tomatoes, the second one grows cucumbers.

C: the first is cucumbers, the second is tomatoes.

D: Cucumbers are grown in both greenhouses. 2000+1200=3200 tons.

Option C does not belong to the CPV, since the CPV must have a convex or straight shape, and the points on the CPV are production options in which all possible resources are used.

Task 9.

On the circuit diagram of a mixed economy, show the following flows, market objects and subjects:

a private café paid for phone calls;

the pensioner paid for telephone conversations;

the joint-stock company has made a profit;

a former employee of a private enterprise received a pension;

the Ivanenko family;

Sidorenko was educated;

Answer.

Task 10.

The graph shows the conditional CPV of a country, which determines the correspondence between the production of consumer goods and consumer goods. Determine which of the points on the graph corresponds to the type of economic system.

Answer.

Market economy - C;

Planned economy - B;

Mixed economy a.

Task 11.

The company plans to launch a new type of product and is considering three production technologies.

1. What technology will the enterprise choose if it is interested in using fewer resources?

2. What technology will the enterprise choose if it sets itself the goal of maximizing profits?

3. Let's assume that the price of the resource "labor" has decreased to 2 monetary units. per unit, and the resource "capital" increased to 6 den.ed per unit. How will the choice of enterprise change?

Answer.

Resources	Price per unit of resource (den.un.)	Required amount of resources (units)
Resources	Price per unit of resource (den.un.)	Technology 1	Expenses	Technology 2	Expenses	Technology 3	Expenses

technology #2 or #3 because these technologies use the least amount of resources.

with the same output, those enterprises that have lower costs receive more profit, therefore technology No. 2.

If the resource prices change, then the costs will be:

Technology 1: 2x6+2x1+6x2=26

Technology 2: 2x2+2x2+6x3=26

Technology 3: 2x3+2x1+6x3=26

That is, all technologies have the same efficiency and the enterprise can choose any.

The object of economic analysis in each country is the scarcity (limitation, rarity) of resources and the alternative choice of their use.

Since resources are scarce, the economy cannot provide an unlimited supply of goods and services. Moreover, it is necessary to make decisions about what goods and services should be produced and which should be discarded.

In the vast majority of situations there are more than two choices. In such a situation, a rationally acting economic entity evaluates the benefits it receives from each alternative use of resources, and opts for the most beneficial alternative.

At the same time, he loses (loses) the benefit from a different (alternative) use of available resources. Consequently, the costs (costs) for obtaining the chosen good will be the highest benefit of the rejected options.

In other words, opportunity (opportunity) costs or selection price is the benefit from the best of the unrealized alternative possibilities.

Alternative (imputed) production costs is the cost of producing one good expressed as the quantity of another good that has to be abandoned in order to produce that good.

In other words, the economic cost of obtaining a certain good is other benefits that could be obtained with the same resources, but which will have to be abandoned if the choice is made in favor of this good. Therefore they are called opportunity cost or cost of lost opportunities.

For example, let's estimate the alternative costs of a student's education at a university. First of all, having paid for education, the student refuses to buy some goods (clothes, etc.). In addition, studies require time during which the student could earn money, just relax, etc. From all this he refuses, deciding to study. Therefore, the economic costs of training also include unearned money.

Thus, in order to estimate the full economic costs of obtaining a certain good, it is necessary to sum up all the losses (in the form of other benefits not received) that one has to bear in connection with this.

Accounting for opportunity costs in economic choice is the most important principle of microeconomic analysis.

On the transformation curve, we see that with each additional unit of one commodity, more and more other goods have to be sacrificed, i.e. opportunity costs increase.

What is reflected in h Acone of increasing imputed (opportunity) costs , which says: in conditions of limited and specific resources, opportunity costs increase steadily as the output of any of the alternative types of products increases. Those. under conditions of full use of resources and unchanged technology, for each additional unit of one commodity, an ever-increasing quantity of other goods must be abandoned.

The economic meaning of the law of increasing opportunity costs is as follows: economic resources are unsuitable for their full use in the production of alternative products.

Operation of the law an increase in opportunity (imputed) production costs is manifested in the fact that the production possibilities curve has convex shape.

When we try to increase the production of certain commodities, we have to switch from the production of other commodities resources less and less adapted for this kind of application. And this switching operation is getting deeper and more expensive.

There is a law closely related to the above - law of diminishing returns (productivity). It can be formulated as follows: a continuous increase in the use of one resource in combination with an unchanged amount of other resources at a certain stage leads to the cessation of the growth of returns from it, and then to its reduction.

This law is based again on the incomplete interchangeability of resources. After all, replacing one of them with another (others) is possible up to a certain limit. For example, if four resources: land, labor, entrepreneurial abilities, knowledge are left unchanged and such a resource as capital is increased (for example, the number of machines in a factory with a constant number of machine operators), then at a certain stage there comes a limit beyond which further growth the specified factor of production becomes less and less. The performance of a machine operator who maintains an increasing number of machines decreases, the percentage of scrap increases, machine downtime increases, etc.

Thus, the main economic problem is the choice of the most efficient variant of the distribution of factors of production in order to solve the problem of optimal opportunities, which is due to the unlimited needs of society and limited resources.

The problem of efficiency is the main problem of economic theory, which explores the best use or application of scarce resources in order to achieve the greatest or maximum possible satisfaction of the unlimited needs of society (the goal of production). Thus, economics is the science of efficiency, the efficient use of scarce resources.

Any production is effective , if with given resources it is impossible to increase the output of one good without reducing the output of another, therefore, any point lying on the production possibilities curve is efficient.

The distribution of resources, in which it is impossible to increase the output of one economic good without reducing the output of another, is called Pareto-efficient or Pareto-optimal (after the famous Italian economist Vilfredo Pareto).

Economic efficiency characterizes the relationship between the number of units of rare resources that are used in the production process and the amount of any product obtained as a result of this process, i.e. covers the problem "COSTS - OUTPUT" ().

There are also two types of higher education costs: direct and alternative. Let's consider each of these types in more detail using examples of modern society and personal experience.

To begin with, let's get acquainted with direct costs, which can be fully attributed to a product or service. These include:

* the cost of raw materials and materials used in the production and sale of goods and services;
* wages of workers (piecework) directly involved in the production of goods;
* other direct costs (all costs that are somehow directly related to the product).

This definition is directly related to higher education, the receipt of which incurs direct costs. An example is students who, for one reason or another, study on a commercial basis. Each semester, they must contribute a certain amount of money to continue their studies. Do not forget that with successful studies and active participation in the social and scientific life of the university, you can switch to a budgetary basis for education. In addition, there may be costs for the purchase of stationery and additional educational literature necessary for training. Every month, students must replenish the social card for the purpose of unlimited travel.

opportunity cost

This term was introduced by Friedrich von Wieser, an Austrian economist, in 1914. By definition, Opportunity Costs means the loss of profit (profit, income) as a result of choosing one of the alternative options for using resources and, thereby, refusing other opportunities. The amount of lost profit is determined by the utility (good or service that satisfies human needs) of the most valuable of the discarded alternatives.

On your own example, you can see that in full-time education all the time is devoted to classes. Each module / semester the schedule changes, which does not allow you to get a permanent job or attend additional classes, as there is not enough time. Because of this, many students miss the opportunity to earn extra money and gain experience while working. Also, some cannot afford to visit various sections to develop their talents, or special courses aimed at preparing future specialists. As a result, they do not develop in other directions, only in the one chosen by the university.

It can be assumed that even more discoveries could be made in the modern world in various areas of our life, but due to lack of time or devoting it to other activities, the scientific and technological process does not take place as quickly as we would like.

An alternative option may be a correspondence form of study, which allows you to devote most of your time not to study, but to personal interests. Unfortunately, this type of training is not always complete and most often does not bring as much knowledge and experience as full-time.

18. The opportunity cost of paid education does not include:

a) the salary that could be received by working instead of studying;

b) expenses for educational literature and stationery;

c) food expenses;

d) tuition fees.
19. A farmer can grow potatoes and wheat in his field. If he sows the whole field with potatoes, he will harvest 400 tons, and if he sows wheat, 100 tons. What is the opportunity cost of one ton of wheat:

a) the opportunity cost cannot be precisely determined, since it is not known how much wheat is sown, and how much potatoes;

b) 4 tons of potatoes;

c) 1/4 ton of potatoes;

d) the opportunity cost cannot be determined because prices are unknown.
20. You earn 200 rubles per day. On one of the days you decide to leave from the second half of the day for football, having paid 50 rubles for a ticket. Your costs are:

a) 100 rubles as income for half a day;

b) 50 rubles per ticket;

c) 150 rubles as the sum of income for half a day and the ticket price;

d) there are no opportunity costs.
21. On the production possibilities curve, the growth in production of one type of product is combined:

a) with a decrease in the production of another type of product;

b) with an increase in the production of another type of product;

c) with a constant volume of production of another type of product;

d) any of the above options is possible.

55. Marginal cost is:

a) the maximum cost of production;

b) the average cost of producing a product;

c) the costs associated with the release of an additional unit of output;

d) the minimum cost of producing a product.

56. Total production costs are:

a) the costs associated with the use of all resources and services for the production of products;

b) explicit (external) costs;

c) implicit (internal) costs, including normal profit;

d) the costs of the commodity producer associated with the purchase of durable consumer goods.

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a) Adam Smith

c) Francois Quesnay;

d) David Ricardo.

6. The problems studied by microeconomics include:

a) economic growth;

b) unemployment;

c) monopolistic competition;

d) public debt.
7. A macroeconomic indicator is not:

a) the price of the computer;

b) GDP growth rate;

c) the unemployment rate;

d) the price level.
8. The subject of macroeconomics is not:

a) state tax policy;

b) the rate of economic growth of the country;

c) the state budget deficit;

d) the level of wages of an individual worker.

9. The laws of supply and demand are studied as part of the course:

a) management;

b) microeconomics;

c) macroeconomics;

d) finance.

10. An economic school that expresses the interests of the commercial bourgeoisie of the era of primitive capital accumulation is:

a) mercantilism;

b) physiocracy;

c) marginalism;

d) Marxism.
11. The mental decomposition of phenomena into its component parts and the allocation of its individual aspects in order to identify the specific in them that distinguishes them from each other is:

a) an economic experiment;

b) analysis;

c) discounting;

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12. Each point of the production possibilities curve characterizes:

a) the minimum volume of output of products;

b) the maximum volume of output of products;

c) the best combinations of product output;

d) alternative combinations of goods for a given amount of resources.
13. For a person who has the opportunity to get a job with pay from 4,000 to 6,000 rubles per hour, the opportunity costs of one hour of leisure are equal, rubles per hour:

14. For students, the alternative value of studying at the university reflects:

a) the amount of the scholarship;

b) the maximum earnings that can be received by dropping out of school;

c) government spending on the education of an average specialist;

d) the costs of parents for the maintenance of the student.
15. Which of the following lists of factors of production is more accurate:

a) labor, land, capital, labor force, management;

b) labor, means of production, technology, entrepreneurship, management;

c) resources, technology, entrepreneurship;

d) labor, land, capital, entrepreneurship.

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16. Economic relations of ownership are characterized by:

a) the use of legal norms;

b) relations between people about things, goods;

c) the relationship of people to things, goods;

d) the relationship between the means and objects of labor.
17. What is behind the statement that every economic system faces the problem of limited resources:

a) there are times when some products can only be bought at high prices;

b) production resources are never enough to satisfy all human needs;

c) in any economy there are periods of recession when there is a shortage of something;

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22. Ownership of property is:

a) actual possession of the object;

b) extracting useful properties from it;

c) all of the above are correct;

d) all of the above is wrong.
23. The economic system solves the following issues:

a) what, how, for whom and at what rate of growth;

b) what, how, for whom;

c) when, where, why;

d) what, where, for whom.

24. The criteria for distinguishing types of economic systems are:

a) the form of ownership of resources;

b) type of coordination mechanism;

c) the level of well-being of members of society;

d) Answers a and b are correct.
25. If economic problems are solved by both the market and the government, then the economy is:

a) market;

b) command;

c) mixed;

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26. A fundamental problem that all economic systems face:

a) investments;

b) consumption;

c) production;

d) limited resources.
27. Which of the following characteristics does not apply to a market economy:

a) private property;

b) central planning;

c) competition;

d) freedom of enterprise.
28. Problems of “what, how and for whom to produce” can be related to:

a) only to societies where central planning prevails;

b) only to a market economy;

c) to any society, regardless of its socio-economic and political organization;

d) only to totalitarian systems.

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57. Economic profit is equal to the difference:

a) between gross income and external costs;

b) between external and internal costs;

c) between gross income and total costs;

d) between total revenue and depreciation.
58. Variable costs include all of the following costs except:

a) wages;

b) the cost of raw materials and materials;

c) depreciation;

d) electricity bills.
59. The cost of producing a unit of output is:

a) total costs

b) average costs;

c) external costs;

d) variable costs.
60. Internal costs include:

a) the cost of purchasing raw materials and materials for the production of products;

b) the cost of resources owned by the enterprise;

c) expenses associated with the acquisition of a land plot by an enterprise;

d) rent for the equipment used.
61. The purchase by an enterprise of raw materials from suppliers includes:

a) to external costs;

b) to internal costs;

c) to fixed costs;

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93. An example of transfer payments is:

a) salary;

c) profit;

d) unemployment benefits.
94. GDP can be calculated as the sum of:

a) consumption, investment, government purchases and net exports;

b) consumption, transfer payments, wages and profits;

c) investments, wages, profits and the cost of intermediate goods;

d) the value of final goods, intermediate goods, transfer payments and rent.
95. The founder of macroeconomics as a science is:

a) J.M. Keynes;

b) A. Marshall;

c) A. Smith;

d) C. McConnell.
96. Potential GNP is:

a) the value of all goods and services produced in the economy from some base period to the present;

b) the value of all goods and services that can be produced if the economy operates at full employment of the labor force;

c) the value of all goods and services that can be produced if the economy operates at full employment of labor and capital;

d) the extent to which GNP can increase if the level of investment is maximized.
97. The classical model assumes that the aggregate supply curve (AS) will be:

a) horizontal at the price level determined by aggregate demand;

b) horizontal at the price level determined by the interest rate and government policy;

c) vertical at an arbitrary level of GNP;

d) vertical at the level of potential GNP.

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121. Direct taxes do not include:

a) corporate income tax;

b) personal income tax;

c) payment for water, land tax;

d) VAT, excises, customs duties.
122. A pronounced anti-inflationary fiscal policy implies:

a) increase the level of taxation and reduce government spending;

b) reduction in both tax revenues and government spending;

c) an increase in taxes and a higher level of government spending;

d) tax cuts and higher government spending.

opportunity cost

Under production costs it is customary to understand a group of expenses, cash expenditures necessary in order to create a product. That is, for enterprises (firms, companies), they act as payment for acquired production factors.

Such expenses cover the payment of materials necessary to ensure the production process (raw materials, electricity, fuel), wages of employees, depreciation, and expenses for ensuring production management.

When goods are sold, entrepreneurs receive revenue.

Some of the financial resources received are used to compensate for production costs (money for the production of the required amount of goods), the second part is to ensure profit, the main goal for which any production is started. This means that the cost of production will be less than the cost of the goods per volume of profit.

What is opportunity cost?

Most of the costs of production - from the use of resources that ensure this very production. When resources are applied in one place, they cannot be applied elsewhere, because they are rare and limited.

For example, the money that was spent to buy a blast furnace to produce pig iron cannot be used to make soda.

Result: if any resource is decided to be used in some way, then it cannot be spent in another way.

Given this particular circumstance, with any decision to start production, it becomes necessary to refuse to use a certain amount of resources in order to use this very resource in the manufacture of other products. Thus, opportunity costs are formed.

Opportunity cost of production is the cost of producing goods that are assessed in terms of opportunities lost when that same amount of resource could be used for another purpose.

Example:

To be able to understand how the opportunity cost is valued, one can consider a desert island with Robinson Crusoe. Corn and potatoes are two crops that he planted near his own hut.

His plot of land is very limited on all sides: one side is the ocean, the second side is the rocks, the third side is his hut, the fourth side is the rocks. He decides to increase the area allotted for corn.

He will be able to carry out this plan only when he reduces the area for planting potatoes.

The opportunity cost in the production of each future corn cob in this situation can be represented by potato tubers, which were not received by him subsequently using the potato land resource to increase the area under corn.

But in this example, it was only about two products. And what is the right thing to do when it comes to tens, hundreds, thousands of different products that are unlike each other? In such cases, money comes to the rescue, by which all possible goods are measured with each other.

What is included in the opportunity cost?

Opportunity costs of production can be the difference in profit, the opportunity for which arises when using the most profitable alternative uses of the resource, and the profit that was actually received by entrepreneurs.

But not all costs of producers fall under the concept of opportunity costs. When resources are used, costs incurred by manufacturers in an unconditional manner (for example, costs for registration, renting a room, etc.) will not be considered alternative. Therefore, non-alternative costs will not participate in the economic choice.

Main differences between implicit and explicit costs

Taking into account the economic point of view, the costs of an alternative nature are usually divided into two categories: explicit and implicit costs.

The first category, explicit costs, includes opportunity costs, the form of which is cash payments to suppliers for factors of production and intermediate products. These costs include:

remuneration of workers (payment in cash for workers providing production);
financial costs for making purchases or paying for the rent of special equipment for production, structures, buildings, in which the process of production of goods will take place (monetary payments in favor of capital suppliers);
payment of transport costs;
payment for utilities (water, electricity, gas);
payment for the use of services of insurance companies and banking institutions;
settlements with suppliers of resources of a material nature - raw materials, semi-finished products, components.

Implicit costs distinguish between costs of an exclusively alternative nature, arising from the use of resources owned by the organization itself (unpaid cost). They can be presented in the following forms:

1) In the form of cash payments that could be received in the case of the most profitable investment of resources at the disposal of the company. Lost profit, payment that could have been received by the owner in carrying out other work, interest on capital invested in various kinds of securities, rent payments for the use of land.

2) In the form of normal profit, as a minimum remuneration in favor of the entrepreneur in order to keep him in the chosen branch of business.

For example, an entrepreneur is engaged in the production of furniture, and will consider profit sufficient for himself, which is 15% of the total amount of capital invested in the production process.

When the production of furniture gives him a normal profit of less than 15%, he will change his line of business, transferring his capital to other industries that can provide a higher level of his profit.

3) For owners of capital - in the form of profit that could be received by them by investing their own resources not in this, but in any other business.

For land owners, the essence of implicit costs is the rent that could be received when renting out their plots.

For entrepreneurs (and those who conduct ordinary labor activities) - the implicit cost may be the payment that they could receive when working for other firms for the same period of time.

Thus, in production costs, Western economic theory also includes the income of entrepreneurs (Marx interprets this as the average return on invested capital).

Therefore, receiving this kind of income is considered as a payment for all possible risks, as a reward for the entrepreneur, an incentive for him to keep his financial assets without going beyond the established company, without diverting part of the resources to use them for other purposes.

Differences between economic and accounting costs

Production costs, including those with normal or average profit, constitute a set of costs that are of an economic nature.

Economic or opportunity costs in the modern economy are those that were carried out under conditions that allow making the best decision for the company in economic terms when using resources. They are considered the ideal that every company should strive to achieve.

Of course, in most cases, in reality, everything happens a little differently, because it can be very difficult, or almost impossible, to achieve any ideal.

It should be further noted that the costs of an economic nature are not equal to the concepts and values included in the accounting data. The amount of profit received by entrepreneurs will not be included in the accounting costs.

Internal costs are directly related to those costs that arise when using part of your own product to further support the production process.

For example, about half of the grain harvest that was grown on the fields of the enterprise was used for sowing on the same land areas from which it was previously collected.

Since this grain is the property of the company and is used for its own internal needs, payment will not be made.

Internal cost is directly related to the use of own product, which will be turned into resources to further support the production process in the company.

An external cost is the financial cost of obtaining the necessary amount of resources to maintain production, which are not owned by the owners of this firm.

The costs arising in the production process can be classified not only by taking into account the resources used - the resources of the company, or those that had to be paid. There are other classifications as well.

Alternative choice costs come from limited resources and virtually unlimited human needs. Only demand among consumers and the corresponding price lead to the correct use of limited resources.

The concept of “alternative choice costs” first appeared at the end of the 19th century, it was introduced into scientific circulation by Friedrich Wieser. The essence of the theory he put forward is that by producing one good, we lose a lot of utility from other useful things that could be done using the same amount of resource.

A person cannot have everything he wants. Therefore, you have to make a choice based on the size of your income. In most cases, a person is inclined to choose the product, after the acquisition, which will receive maximum satisfaction.

To make a purchase of the selected product, a person must deny himself the purchase of other things. Those goods that have to be abandoned when making purchases of selected things are the imputed (hidden) costs of acquisition. When buying goods, in most cases some amount of money is given in return.

In practice, you have to give up the next desired things that you could buy, spend the same amount.

Businesses, like individuals, also have to make choices about how to spend their own money. For example, profits can be donated to charity, dividends can be paid to persons who own shares. Management must prioritize tasks and deal with them.

Opportunity costs: accounting and economic

Economically, costs reflect the relationship between the release of a particular product and indicators that affect the production process. If the organization uses its own resources, and not those acquired from other companies, it is more convenient to set the prices for the goods for the report in one monetary unit.

purpose of costing- calculation of the difference between the cost of the product and its price for the consumer. These calculations are based on costs during production and the technological cycle. Changes in the cost of resources and maintenance affect the minimum operating costs. Figure 1 shows the main types of costs.

Fig.1 - Production costs

Costs are categorized according to different criteria. Let's consider such types of production costs as alternative, economic and accounting.

What are accounting costs?

Accounting costs- financial expenses that the company spends on production needs. This category of costs is the company's payments to specific suppliers from outside.

Consider their classification (Fig. 2)

Fig. 2 - Classification of accounting production costs

Direct and indirect costs

The main categories of accounting costs are direct and indirect. The first type represents the costs for the direct manufacture of products, the second - the finances spent on the acquisition of funds and production resources. Without taking into account indirect costs, the settlement procedures, preparation of invoices and depreciation of the company are not feasible.

Accounting costs depreciate the fixed capital. Investments are always present in any economic branch. Their components: buildings and equipment required to produce products. This is the main capital.

Structures are exposed to external influences, therefore, a specific period (several tens of years) is used, as well as equipment (up to two years).

The accounting department of the company is obliged to take into account the depreciation of the components of fixed capital and take into account depreciation expenses among the costs.

What is economic cost?

Economic (time) costs- the total costs of business procedures performed by the firm in the course of the release of goods or the provision of services. For example, resources and raw materials not included in the market turnover.

Economic costs are:

Internal. The cost of using the company's own resources in the production process.
External. The cost of purchasing resources for an outsourced manufacturing process.
Permanent. Associated with factors of production that persist for a long time. They are formed as a result of the presence of technical devices at the company and are covered even if the latter are not used in production. Getting rid of such expenses by 100% is possible only with an absolute stoppage of the company, in this situation, fixed costs become sunk costs. For example, funds spent on advertising, rental of premises, depreciation. Such costs are present even if the profit of the firm is zero.
Variables. Proportional to the volume of the manufactured product. The more goods are planned to be produced, the greater the costs are expected. For example, finance for the purchase of raw materials, energy, fuel resources, transport. The main percentage of variable costs falls on the purchase of materials and wages of workers.
Total gross costs- the total cost for the entire period of production. Includes fixed and variable costs. The cost of producing a product, which is directly proportional to the increase in the volume of the latter. To find out if the enterprise is profitable, it is necessary to analyze all changes in costs, for which the change in variable and gross costs is compared with the gross limit.
Limit- costs for unplanned units of goods or a deviation from the total costs taken into account with a quantitative increase in production. The value of marginal cost is inversely proportional to the dynamics of the amount of product produced.
Medium is the total cost of each item produced. They are used, as a rule, in order to compare with the final price of the goods. To calculate this value, the total gross variable costs are divided by the amount of product produced. These costs are dependent on such parameters as payback, cost, market value and income.

Examples of calculating economic costs:

Assume that the cost calculation is carried out not by the accounting staff, but by the owner of the company. His task is to find out whether it is profitable for him to further engage in entrepreneurship in this area.

Here it is necessary to approach the costs already from an economic point of view.

Then not only real expenses are taken into account, but also the funds that the company did not receive by investing this capital and spending just such time.

For example, you are a lawyer by profession. You receive an offer to become a director of legal services in another organization, where you will work with the same efforts as in your company, but receive 12 thousand rubles.

At the same time, you take 10 thousand from the income of your business, invest them in a bank deposit and provide yourself with an annual income for this amount. That is, using this option, you will receive a total profit of 22 thousand, but by choosing to open your own company, you are missing this opportunity.

This amount will reflect your implicit costs. In order to calculate economic costs, add implicit costs to accounting: I (e) \u003d I (n) + I (b).

From a lot of calculations, it turns out that by using factors such as time and capital in the most beneficial way, that is, by choosing the best option for using resources, the entrepreneur will receive an income of 82 thousand rubles.

Is the head of his company satisfied with the work of his company, who receives an accounting profit of 20 thousand, and an economic one - minus 2 thousand? Naturally, no. In this case, resources were used incorrectly.

Economic costs in our life

Economic costs are present every day in the life of any person when he has to make an economic choice.

For example, when choosing which transport (road, rail, air) you will use to get to another city, do not forget not only the explicit costs (ticket price), but also the implicit ones - the profit that you can earn during the move.

From this point of view, inexpensive transport is often the most costly. That is why entrepreneurs are trying to move from one locality to another in the fastest, not cheap ways.

Entering an educational institution, you need to take into account not only the tuition fees, but also the lost income that you lose by refusing to work in other activities.

The economic cost to the supplier of inputs is income. Paying them, the company excludes the possibility of alternative use of resources.

For example, your company employs a locksmith who knows Chinese well. But to raise his salary, based only on this, you will not.

However, if a Chinese competitor appears next to you, you will have to increase the income of this worker so that he does not change his place of work.

conclusions

So, let's conclude that if resources are misused, the firm "pays" with an economic loss.

What happens if you choose the right alternative investment opportunity for your funds? The amount of accounting profit will be the same as implicit costs, the income from the resources used will be the maximum, economic costs will begin to correspond to the company's profit.

In this case, economic profit tends to zero, but such an indicator should suit the owner of the company, because. he does not remain at a loss, having settled on this, and not on any alternative possibility.

Thus, zero economic profit is the norm and corresponds to the average income. Under what circumstances will the firm have an economic profit "in the black"? If it makes the most of the resources used according to the correctly conceived scenario.

A positive economic income is the result of the organizational talent of an entrepreneur, the “bonus” that he receives for using the latest technology and technology, and the correct management of the company.

Its part, which is more than accounting profit, is called excess profit. It depends on which area the main resources will be directed.

But with an increase in the amount of resources, the market supply also increases, which reduces the price of products, bringing economic profit back to zero.

Task 1.

The principle of rational housekeeping involves minimizing costs or maximizing utility. Yes or no?

Task 2.

For students, the alternative value of studying at the university reflects:

a. scholarship amount;

b. the maximum earnings that you can get by dropping out of school;

c. expenses of parents for the maintenance of the student.

Task 3.

The characteristics of an economic good are:

a. ability to meet needs;

b. rarity;

c. value;

d. everything stated is correct.

Task 4.

Seamstress Dotsenko is engaged in individual entrepreneurial activity: she sews fashionable clothes to order. She spends two days on one thing and receives a fee of 60 den. units. As a rule, she also works on weekends. But next weekend she was offered a two-day vacation outside the city. The cost of the ticket is 100 den. Mrs. Dotsenko decided to rest. What will be the opportunity cost?

Task 5.

On weekends you can go skiing in the mountains. The trip and payment for skiing cost 80 den.u., but you are ready to pay 100 den.u.

a. will you go to the mountains?

b. your friend offers to fix his computer for 30 den. you love to build computers so much that you would agree to help a friend for free. Will you go to the mountains in this case?

c. You work weekends in a restaurant and can earn 100 den. You don't like this job, so you won't do it for less than 90 den. Will you go to the mountains in this case?

d. if you do not go to the mountains, you can visit an exhibition of works by a famous artist. Entrance for students is free, but you dreamed about it so much that you are ready to pay 15 den. Will you go to the mountains in this case?

Task 6.

Task 7.

Construct a production possibilities curve (PPV) of a conditional country using the following data.

1. Can the country's economy produce 2 million pieces of investment goods and 15 million pieces of consumer goods?

2. Can the country's economy produce 4 million pieces of investment goods and 3 million pieces of consumer goods?

Task 8.

1. Determine the opportunity cost of producing cucumbers in the first greenhouse.

2. In which greenhouse is it more profitable to grow tomatoes; cucumbers?

3. Build enterprise PPV.

Task 9.

On the circuit diagram of a mixed economy, show the following flows, market objects and subjects:

1. private cafe paid for telephone conversations;

2. the pensioner paid for telephone calls;

3. the joint stock company has made a profit;

4. a former employee of a private enterprise received a pension;

5. Ivanenko family;

6. Sidorenko got an education;

7. money;

Task 10.

Task 11.

The company plans to launch a new type of product and is considering three production technologies.

1. What technology will the enterprise choose if it is interested in using fewer resources?

2. What technology will the enterprise choose if it sets itself the goal of maximizing profits?

End of form

ANSWERS TO TASKS

Solving problems on the topic: "Theory of consumer behavior"

Task 1.

Answer.

Moving from one combination to the next	Q meat (kg)	Q cheese (kg)
from A to B	2,5–4= –1,5	1 – 0,5=0,5	–1,5:0,5=–3
B to C	1,5 – 2,5= –1	1,5 – 1=0,5	–2
from V to D	1– 1,5= –0,5	2,5 – 1,5=1	–0,5

That is, at first the consumer is ready to give up 3 kg of meat in favor of one kg of cheese. Further, the replacement rate decreases: for one kg of cheese, the consumer is ready to give up 2 kg of meat. And when switching from combination C to combination D, the consumer sacrifices only 0.5 kg of meat for 1 kg of cheese.

Task 2.

Answer.

Task 3.

Answer.

Task 4.

Answer.

Task 5.

Answer.

The table gives the total utility of drinks, so to solve the problem, you need to find the marginal utility.

4 Pepsi and 1 Fanta: TU= 15+13+10+8+10=46+10=56;

3 Pepsi and 2 Fanta: TU= 15+13+10+10+9=38+19=57;

2 Pepsi and 3 Fanta: TU= 15+13+10+9+6=28+25=53;

1 Pepsi and 4 Fanta: TU= 15+10+9+6+3=15+28=43.

Comparing the results, we conclude: a combination of drinks, consisting of 3 bottles of Pepsi and 2 bottles of Fanta, will bring the greatest benefit.

Task 6.

Answer.

In the task, it is necessary to determine the set of goods that will bring the greatest satisfaction with a limited budget, using the rule: To do this, fill in the table:

The table shows that two options are possible:

1. 2 units of product A and 2 units of product B; 2*10+2*5=30 money units;

2. 3 units of product A and 4 units of product B; 3*10+4*5=50 money units

In the first case, the consumer will not spend the entire budget, so he needs to choose the second option.

Task 7.

Answer.

In the equilibrium position, the following condition is satisfied:

MU a \u003d 10yut., P a \u003d 0.7 monetary units.

MU in \u003d?, P in \u003d 0.5 monetary units.

Task 8.

Answer.

1. the budget constraint can be determined from the schedule: the consumer can only buy product A, at a price of 0.8 den. he will pay: 5 * 0.8 = 4 monetary units, or goods B: 10 * 0.4 = 4 monetary units, that is, the budget is 4 monetary units;

point A on the graph corresponds to a situation in which the consumer can buy only product A in the quantity

3. Any point to the left of the budget line characterizes a set of goods that leaves extra money. For example, point B: 2 * 0.8 + 2 * 0.4 \u003d 2.4 monetary units.

4. point C lies above the budget line, so such a combination of goods with a given budget is impossible: 3 * 0.8 + 7 * 0.4 \u003d 5.2 monetary units.

Task 9.

Answer.

The budget line is based on the general equation: I = P x Q x + P y Q y

28 \u003d 1Q a + 2Q b,

We build a graph for two points:

Q b =0, Q a =28,

Q a =0, Q b =14.

The slope of the budget line , as well as at the equilibrium point , we find on the segment (12.16)

Task 10.

Answer.

MU a \u003d 40yut., P a \u003d 0.6 monetary units.

MU in \u003d 50yut., P in \u003d 1 den.unit.

Utility maximization occurs when the following condition is met: .

The family does not maximize utility by purchasing such a set of goods. To maximize satisfaction, it is necessary either to reduce the marginal utility of good A, or to increase the marginal utility of good B.

Marginal utility is the utility of an extra unit of a good. And with each subsequent unit of consumed goods, it decreases according to the law of diminishing marginal utility. That is, the family needs to increase the consumption of good A or reduce the consumption of good B.

Task 11.

Answer.

I=13 cash units;

MU p \u003d 30 - 2x, MU o \u003d 19 - 3y;

R p \u003d 2 cash units, R o \u003d 1 cash.

Since there are two unknowns x and y in the problem, it is necessary to compose a system of equations.

The first equation is the budget constraint: I = P x Q x + P y Q y , 13=2x + y.

The second equation is the consumer equilibrium condition:

x=5 (kg) y= 13-2*5=3 (kg).

The consumer is ready to buy 5 kg of tomato and 3 kg of cucumbers.

Task 12.

Answer.

1. Goods may be indispensable at some level, but independent goods are still replaced by utility, and are no different.

Task 13.

Answer.

Task 14.

Answer.

Q, pcs.
U, util
TU
MU
MUi =MUi –P(=7)	-1	-3	-5
MU i at P=5		-1	-3

Task 15.

Answer.

I = 16 monetary units – nominal income, less utility – U1

Task 16.

Answer.

1. point A goes to point B;

2. point A goes to point C;

3. income effect: point A goes to point D;

4. substitution effect: point D goes to point C;

Task 17.

Answer.

1. An increase in prices for at least one product can be considered as a decrease in income. The income effect of price can be viewed as a separate income reduction effect. For the product of the highest group, the volume of consumption will decrease. Normal goods with rising prices buy less. At the same time, demand partially shifts to a product with a constant price. The answer is presented in problem number 14.

Task 18.

Answer.

1. U2=0 income compensates labor, U2 – 5>0, U1<0 бесплатный труд несёт отрицательную полезность;

4. the income effect reduces the need for labor, the substitution effect increases its effectiveness;

5. a) on the example of U3, b) U1;

6. For example, point 2. Independent income shifts the budget line parallel upwards;

7. shift of the utility line refers to the consideration of income only from a given labor, income lines - total income.

4.2 Solving problems on the topic: "Product, price, money, credit"

Task 1.

Answer.

1. The equilibrium value of bank interest as the price of money is determined by the equilibrium condition: Q D = Q S . QS=25,

P - the price of money, that is, the bank interest is 30%.

2. in the event that the bank increases the money supply by 5 million monetary units (Q S \u003d 30), then the new equilibrium price will be:

Bank interest will decrease to 28.75%.

Task 2.

Answer.

According to the Fisher formula MV=PQ, where: M is the mass of monetary units;

V is the velocity of money circulation;

P - the price of the goods;

Q is the number of goods on the market.

The total cost of goods sold is PQ

PQ=174 mln.

Task 3.

Answer.

In bank A, the depositor will receive Pn = S(1+i) n , where S - contribution, i- percentage, n- number of years.

S=500, i=0.2, n=5, P = 500(1+0.2) 5 =500*2.49=1244

In bank B, the depositor in 5 years will receive Pn = S(1+in)= 500(1+5*0,25)=500*2,25=1125.

It is more profitable to invest in bank A.

Task 4.

Answer.

1. nominal rate =

2. real rate = nominal - inflation rate = 20% -22% = -2%

Task 5.

Answer.

1. Ordinary interest with the exact number of days of the loan:

156=21+28+31+30+31+15;

S \u003d 20,000 (1 + 0.14 ) \u003d 21,213.3, cash units

2. Ordinary interest with an approximate number of loan days:

S \u003d 20,000 (1 + 0.14 ) \u003d 21,205.6, cash units

3. Exact interest with an approximate number of loan days:

S \u003d 20,000 (1 + 0.14 ) \u003d 21,189.0, cash units

4. Exact interest with bank number of working days:

S \u003d 20,000 (1 + 0.14 ) \u003d 21,516.7, cash units

Task 6.

Answer.

I ef \u003d (1+) mn - 1.

i \u003d (1+) 365 - 1 \u003d 0.115156, i.e. 11%.

The real income of the depositor is 1 tenge. invested funds will not be 10 tiyn. (from the condition), and 11 tiyn. Thus, the effective interest rate on the deposit is higher than the nominal one.

Task 7.

Answer.

a) i \u003d (1+) 4 - 1 \u003d 0.1038, i.e. 10.38%;

b) i \u003d (1+) 2 - 1 \u003d 0.1025, i.e. 10.25%.

The calculation shows that the difference between the rates is insignificant, however, the accrual of 10% per annum on a quarterly basis is more profitable for the investor.

Task 8.

Answer.

Calculation of the accrued amount when the interest rate changes over time with the calculation of simple interest.

S = P (1+i 1 t 1 + i 2 t 2 + i 3 t 3 + i n t n),

where i n is the simple interest rate, t n is the duration of the accrual period.

S \u003d 10,000 (1 + 0.10 1 + 0.105 1 + 0.11 1) \u003d 13 150, monetary units;

DR \u003d 3 150 den.un.

Task 9.

Answer.

The formula used to calculate compound interest is

S = P(1+i 1 t 1) (1+ i 2 t 2) (1+ i 3 t 3) (1+ i n t n),

where i n is the compound interest rate, t n is the duration of the period of its accrual.

S \u003d 10,000 (1 + 0.10 1) (1 + 0.105 1) (1 + 0.11 1) \u003d 13 492.05, cash units

Task 10.

Answer.

The term of the loan (deposit) is determined by the formula: t = · 365 .

t = () 365 = 730 days (2 years).

Task 11.

Answer.

t = () = 0.08 = 8% per annum.

Task 12.

Answer.

The change in value due to inflation can be calculated:

S = P (1 + r t), where (1 + r t) is the average price level for a specific period; r is the inflation rate, expressed as a coefficient.

S \u003d 5,000 (1 + 0.13 1) \u003d 5,650, cash units

In other words, a year later, in the amount of 5,650 den. it will be possible to purchase the same set of goods and services as at the beginning of the period, only in the amount of 5,000 den.un.

Task 13.

Answer.

S \u003d 5,000 (1 + 0.13) 5 \u003d 9,212, cash units

Task 14.

Answer.

The inverse problem of the previous one, i.e., it is necessary to determine the average inflation rate for a specific time interval (within the period), based on data on the price level for a year or more. The solution is carried out by calculating the mathematical root, the degree of which is equal to t.

r \u003d 4 \u003d 1.033 \u003d 3.3,%.

Task 15.

Answer.

1. The consumer goods market is served by a commodity exchange, where transactions are made: with a premium (option), forward and futures transactions.

2. labor market - labor exchange;

3. securities market - stock exchange;

4. capital market - banks, financial and credit intermediaries.

Task 16.

Answer.

Bank expenses. 12*0.2=2.4 (million den.un.) - payments to depositors on deposits.

Bank income. Due to the need to reserve deposits, the bank cannot provide all 12 million on credit, therefore:

1) 12 * 0.15 \u003d 1.8 (million den. units) - reserve rate.

2) 12 - 1.8 = 10.2 - the amount of the loan.

If all the money is from the bank on credit at 40% per annum, then the income will be equal to:

10.2 * 0.4 \u003d 4.08 (million den. units)

Bank profit \u003d income - costs: 4.08-2.4 \u003d 1.68 million den.un.

Task 17.

Answer.

Buy option. Rryn at the time of delivery is 130. The option gives the right to buy for 100, having paid a premium of 10 for such a right earlier, that is, the buyer will spend 110. He will not refuse the contract, because. 110<130, и таким образом выигрыш покупателя составит 130-110=+20. Продавец вынужден (обязан) продавать за 100, а мог бы продать, если бы не заключил контракт, за 130. С учётом премии его проигрыш -20.

Sell option. R market at the time of delivery 130. The seller has the right under the contract to sell for 100, but this is less than the market price, and it is beneficial for him to refuse and sell the goods on the free market. At the same time, he loses the previously paid bonus -10. The buyer without losing anything and without making purchases wins a bonus of +10.

Task 18.

Answer.

2. broker;

3. broker;

Task 19.

Answer.

M 0 \u003d 9583 million den.un. 43%

M 1 \u003d 9583 + 4511 \u003d 14094 million den.un.

M 2 \u003d 14094 + 7620 \u003d 21714 million den.un.

M 3 \u003d 21714 + 355 \u003d 22069 million den.un. 100%

Money supply structure:

Cash - 43%