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Submitted by reggieatl on October 8, 2007
Category: Book Reports
Words: 1111 | Pages: 5
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Every firm is striving to increase production and decrease costs. However, cost considerations rise with increased rates of production. Therefore companies need to decide what level of output they want to maintain. An industry dealing with this issue right now is the ports of the United States. While there is technology available that can greatly improve operational efficiency, the labor unions have been objecting to its implementation.
When firms produce goods or services, they must consider that to understand that when they continue to increase the amount manufactured, they reach a point of decreasing marginal product. As they produce more of the good, the amount produced by each additional worker will decrease, and will continue to decrease until there is actually negative production by each additional worker. This affects the cost structure of the firm as well. According to this theory, the marginal cost ( MC), the additional cost of producing each new unit of product, increases with each additional product. This may sound like doomsday for large companies as they face this impediment in their efforts to make more profit. However, this is only true when one views a company in the short-term production run. In the short-term the capital investment in the company is unchanging. However, in the long run, companies can change their entire production capabilities. They can purchase new land or upgrade technology, enabling a shift in their entire production curve as it becomes more efficient in its production methods. This investment in capital enables the company to produce at a scale that maximizes profits as they progress towards the Minimum Efficient scale of Operation.
As of now the U.S. ports are not meeting these economic goals of efficient production. The contrast in efficiency between U.S. ports and European and Asian ports could never be more pronounced. There is an obvious problem in how the U.S. ports are handling their cargo. The...
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