ch08利潤最大化和競爭性供給(編輯修改稿)
2025-06-20 12:21 本頁面
【文章內(nèi)容簡介】 ater than average variable cost. The ShortRun Supply Curve for a Competitive Firm Figure In the short run, the firm chooses its output so that marginal cost MC is equal to price as long as the firm covers its average variable cost. The shortrun supply curve is given by the crosshatched portion of the marginal cost curve. Chapter 8: Profit Maximization and Competitive Supply 17 of 37 THE COMPETITIVE FIRM’S SHORTRUN SUPPLY CURVE The Response of a Firm to a Change in Input Price Figure When the marginal cost of production for a firm increases (from MC1 to MC2), the level of output that maximizes profit falls (from q1 to q2). Chapter 8: Profit Maximization and Competitive Supply 18 of 37 THE COMPETITIVE FIRM’S SHORTRUN SUPPLY CURVE Although plenty of crude oil is available, the amount that you refine depends on the capacity of the refinery and the cost of production. The ShortRun Production of Petroleum Products Figure As the refinery shifts from one processing unit to another, the marginal cost of producing petroleum products from crude oil increases sharply at several levels of output. As a result, the output level can be insensitive to some changes in price but very sensitive to others. Chapter 8: Profit Maximization and Competitive Supply 19 of 37 THE SHORTRUN MARKET SUPPLY CURVE Industry Supply in the Short Run The shortrun industry supply curve is the summation of the supply curves of the individual firms. Because the third firm has a lower average variable cost curve than the first two firms, the market supply curve S begins at price P1 and follows the marginal cost curve of the third firm MC3 until price equals P2, when there is a kink. For P2 and all prices above it, the industry quantity supplied is the sum of the quantities supplied by each of the three firms. Figure Elasticity of Market Supply Es = (ΔQ/Q)/(ΔP/P) Chapter 8: Profit Maximization and Competitive Supply 20 of 37 THE SHORTRUN MARKET SUPPLY CURVE Table The World Copper Industry (2021) Country Australia Canada Chile Indonesia Peru Poland Russia US Zambia Country 950 600 5,400 800 1,050 530 720 1,220 540 Annual Production (Thousand Metric Tons) Country Marginal Cost (Dollars Per Pound) Source for Annual Production Data: . Geological Survey, Mineral Commodity Summaries, January 2021. Source for Marginal Cost Data: Charles River Associates’ Estimates. Chapter 8: Profit Maximization and Competitive Supply 21 of 37 THE SHORTRUN MARKET SUPPLY CURVE The ShortRun World Supply of Copper The supply curve for world copper is obtained by summing the marginal cost curves for each of the major copperproducing countries. The supply curve slopes upward because the marginal cost of production ranges from a low of 65 cents in Russia to a high of $ in Canada. Figure Chapter 8: Profit Maximization and Competitive Supply 22 of 37 THE SHORTRUN MARKET SUPPLY CURVE Producer Surplus in the Short Run ● producer surplus Sum over all units produced by a firm of differences between the market price of a good and the marginal cost of production. Producer Surplus for a Firm The producer surplus for a firm is measured by the yellow area below the market price and above the marginal cost curve, between outputs 0 and q*, the profitmaximizing output. Alternatively, it is equal to rectangle ABCD because the sum of all marginal costs up to q* is equal to the variable costs of producing q*. Figure Chapter 8: Profit Maximization and Competitive Supply 23 of 37 THE SHORTRUN MARKET SUPPLY CURVE Producer Surplus in the Short Run Producer Surplus for a Market The producer surplus for a market is the area below the market price and above the market supply curve, between 0 and output Q*. Figure Producer Surplus versus Profit Producer surplus = PS = R ? VC Profit = π = R ? VC ? FC Chapter 8: Profit Maximization and Competitive Supply 24 of 37 CHOOSING OUTPUT IN THE LONG RUN LongRun Profit Maximization Output Choice in the Long Run The firm maximizes its profit by choosing the output at which price equals longrun marginal cost LMC. In the diagram, the firm increases its profit from
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