ch08利潤(rùn)最大化和競(jìng)爭(zhēng)性供給-免費(fèi)閱讀
【正文】 Chapter 8: Profit Maximization and Competitive Supply 1 of 37 CHAPTER 8 Profit Maximization and Competitive Supply Chapter 8: Profit Maximization and Competitive Supply 2 of 37 CHAPTER 8 OUTLINE Perfectly Competitive Markets Profit Maximization Marginal Revenue, Marginal Cost, and Profit Maximization Choosing Output in the Short Run The Competitive Firm’s ShortRun Supply Curve The ShortRun Market Supply Curve Choosing Output in the Long Run The Industry’s LongRun Supply Curve Chapter 8: Profit Maximization and Competitive Supply 3 of 37 PERFECTLY COMPETITIVE MARKETS The model of perfect petition rests on three basic assumptions: (1) price taking, (2) product homogeneity, and (3) free entry and exit. Price Taking Because each individual firm sells a sufficiently small proportion of total market output, its decisions have no impact on market price. ● price taker Firm that has no influence over market price and thus takes the price as given. Product Homogeneity When the products of all of the firms in a market are perfectly substitutable with one another— that is, when they are homogeneous—no firm can raise the price of its product above the price of other firms without losing most or all of its business. Chapter 8: Profit Maximization and Competitive Supply 4 of 37 PERFECTLY COMPETITIVE MARKETS Free Entry and Exit ● free entry (or exit) Condition under which there are no special costs that make it difficult for a firm to enter (or exit) an industry. When Is a Market Highly Competitive? Because firms can implicitly or explicitly collude in setting prices, the presence of many firms is not sufficient for an industry to approximate perfect petition. Conversely, the presence of only a few firms in a market does not rule out petitive behavior. Chapter 8: Profit Maximization and Competitive Supply 5 of 37 PROFIT MAXIMIZATION Do Firms Maximize Profit? The assumption of profit maximization is frequently used in microeconomics because it predicts business behavior reasonably accurately and avoids unnecessary analytical plications. For smaller firms managed by their owners, profit is likely to dominate almost all decisions. In larger firms, however, managers who make daytoday decisions usually have little contact with the owners (. the stockholders). In any case, firms that do not e close to maximizing profit are not likely to survive. Firms that do survive in petitive industries make longrun profit maximization one of their highest priorities. Alternative Forms of Organization ● cooperative Association of businesses or people jointly owned and operated by members for mutual benefit. Chapter 8: Profit Maximization and Competitive Supply 6 of 37 PROFIT MAXIMIZATION Nationwide, condos are a far more mon than coops, outnumbering them by a factor of nearly 10 to 1. In this regard, New York City is very different from the rest of the nation— coops are more popular, and outnumber condos by a factor of about 4 to 1. What accounts for the relative popularity of housing cooperatives in New York City? Part of the answer is historical. Housing cooperatives are a much older form of anization in the . The building restrictions in New York have long disappeared, and yet the conversion of apartments from coops to condos has been relatively slow. The typical condominium apartment is worth about percent more than a equivalent apartment held in the form of a coop. It appears that in New York, many owners have been willing to fo substantial amounts of money in order to achieve nonmoary benefits. Chapter 8: Profit Maximization and Competitive Supply 7 of 37 MARGINAL REVENUE, MARGINAL COST, AND PROFIT MAXIMIZATION ● profit Difference between total revenue and total cost. π(q) = R(q) ? C(q) ● marginal revenue Change in revenue resulting from a oneunit increase in output. Profit Maximization in the Short Run Figure A firm chooses output q*, so that profit, the difference AB between revenue R and cost C, is maximized. At that output, marginal revenue (the slope of the revenue curve) is equal to marginal cost (the slope of the cost curve). Δπ/Δq = ΔR/Δq ? ΔC/Δq = 0 MR(q) = MC(q) Chapter 8: Profit Maximization and Competitive Supply 8 of 37 MARGINAL REVENUE, MARGINAL COST, AND PROFIT MAXIMIZATION Demand
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