1. Firma tushunchasi. Tadbirkorlik firmalarining asosiy shakllari

Accounting profits equal actual revenues minus actual expenditures of cash (explicit costs), so they do not include implicit costs. Economic profits equal actual revenues minus all explicit and implicit costs.
Use What You’ve Learned: Accounting Profits and Economic Profits
Exhibit 1: Accounting Profits Versus Economic Profits
Economists consider a zero economic profit a normal profit, because it means that the firm is covering both implicit and explicit costs--the total opportunity cost of its resources. This is clearly different from earning zero accounting profits.
Sunk costs are irrelevant for any future action because they have already been incurred and cannot be recovered.
11.2 Production in the Short Run⁵
Because it takes more time to vary some inputs than others, we must distinguish between the short run and the long run.
The short run is defined as a period too brief for some inputs to be varied. In the short run, the inputs that do not change with output are called fixed inputs.
The long run is a period of time in which the firm can adjust all inputs. In the long run, all inputs are variable, changing as output changes. The long run can vary considerably in length from industry to industry.
The relationship between the quantity of inputs and the quantity of outputs is called a production function.
Total product (TP) shows the total amount of output generated as the level of the variable input increases. Total product will start at a low level and increase--perhaps rapidly at first, and then more slowly--as the amount of the variable input increases. It will continue to increase until the quantity of the variable input becomes so large in relation to the quantity of other that further increases in output become more and more difficult or even impossible.
Exhibit 1: Moe’s Production Function With One Variable, Labor
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