Deciding to Produce, Enter, or Exit · 生产、进入或退出的决策
| English | 中文 | Pinyin · 拼音 |
|---|---|---|
| shut-down rule/ʃʌt daʊn ruːl/ | 停产法则 | tíng chǎn fǎ zé |
| average variable cost/ˈævrɪdʒ ˈveərɪəbl kɒst/ | 平均可变成本 | píng jūn kě biàn chéng běn |
| exit/ˈeɡzɪt/ | 退出 | tuì chū |
| break-even price/breɪk ˈiːvən praɪs/ | 盈亏平衡价格 | yíng kuī píng héng jià gé |
Losing money — stay open or close?
- A firm is making a loss. Should it keep producing, or shut its doors?
- The surprising answer: sometimes losing money and staying open is the smart move.
- It all depends on how the price compares with two kinds of cost.
- And whether we are asking about the short run or the long run.
亏钱了——继续开,还是关门?
- 一家企业在亏损。它该继续生产,还是关门?
- 令人意外的答案:有时一边亏钱一边开着,才是聪明的做法。
- 这全看价格与两种成本相比如何。
- 也看我们问的是短期还是长期。
The short-run shut-down rule
- In the short run, fixed costs must be paid even at zero output.
- The shut-down rule 停产法则: keep producing only if price covers the average variable cost 平均可变成本.
- If $P \geq AVC$: keep going — each sale covers its variable cost and chips away at the fixed cost.
- If $P < AVC$: shut down — producing only makes the loss worse.
短期停产法则
- 在短期,固定成本即使产量为零也要付。
- 停产法则(shut-down rule):只有当价格能覆盖平均可变成本(average variable cost)时才继续生产。
- 若 $P \geq AVC$:继续——每一单都覆盖它的可变成本,还能补一点固定成本。
- 若 $P < AVC$:停产——继续生产只会让亏损更糟。
Profit, loss, and break-even · 盈利、亏损与盈亏平衡
A competitive firm produces where price meets marginal cost. Compare the price with average cost to see profit, break-even, or a loss. · 竞争企业在价格与边际成本相遇处生产。把价格与平均成本相比,即可看出盈利、盈亏平衡还是亏损。
In the short run, a loss-making firm should keep producing as long as: · 在短期,一家亏损的企业应继续生产,只要:
If P ≥ AVC, staying open loses less than shutting down (which loses all the fixed cost). · 若 P ≥ AVC,开着比停产亏得少(停产会亏掉全部固定成本)。
A firm faces P = 7, with AVC = 6 and ATC = 9. In the short run it should: · 一家企业面对 P = 7,AVC = 6,ATC = 9。在短期它应该:
P = 7 is above AVC = 6, so producing covers variable cost and part of fixed cost — a smaller loss than shutting down. · P = 7 高于 AVC = 6,所以生产能覆盖可变成本和部分固定成本——比停产亏得少。
In the short run, fixed costs must be paid even if the firm produces nothing. · 在短期,即使企业什么都不生产,固定成本也必须支付。
That is exactly why the short-run test uses AVC, not ATC. · 这正是短期标准用 AVC 而非 ATC 的原因。
Enter and exit in the long run
- In the long run there are no fixed costs, so the test is tougher: compare price with average total cost.
- If $P < ATC$: the firm cannot cover all its costs, so it will exit 退出.
- If $P > ATC$ (a positive economic profit): new firms are attracted to enter.
长期的进入与退出
- 长期没有固定成本,所以标准更严:把价格与平均总成本相比。
- 若 $P < ATC$:企业无法覆盖全部成本,于是会退出(exit)。
- 若 $P > ATC$(正的经济利润):新企业被吸引来进入。
Match each long-run price condition to what firms do. · 把每个长期价格条件与企业的行为配对。
Profit attracts entry; loss forces exit; break-even means normal profit. · 利润吸引进入;亏损迫使退出;盈亏平衡即正常利润。
In the long run, a firm will exit the market if: · 在长期,企业在什么情况下会退出市场:
If P < ATC in the long run, the firm cannot cover all costs and exits. · 若长期 P < ATC,企业无法覆盖全部成本,于是退出。
The break-even price
- Entry and exit stop where economic profit is exactly zero — at the bottom of the ATC curve.
- The break-even price 盈亏平衡价格 is $P = \text{minimum } ATC$.
- At that price the firm earns normal profit: no reason to enter, no reason to exit.
盈亏平衡价格
- 进入和退出停在经济利润恰好为零处——ATC 曲线的最低点。
- 盈亏平衡价格(break-even price)是 $P = \text{minimum } ATC$。
- 在那个价格,企业赚得正常利润:没有理由进入,也没有理由退出。
The break-even price equals the minimum of the ______ cost curve. · 盈亏平衡价格等于______成本曲线的最低点。
At P = minimum ATC economic profit is exactly zero — normal profit. · 在 P = 最低 ATC 处经济利润恰好为零——正常利润。
Short run: the shut-down rule — keep producing if $P \geq AVC$, else shut down. Long run: exit if $P < ATC$, enter if $P > ATC$. The break-even price is $P = \text{minimum } ATC$, where economic profit is zero.
短期:停产法则——$P \geq AVC$ 就继续生产,否则停产。长期:$P < ATC$ 则退出,$P > ATC$ 则进入。盈亏平衡价格是 $P = \text{minimum } ATC$,此时经济利润为零。