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2025-03-09 01:36本頁(yè)面
【正文】 ? ???????? ??????? ???????? ??????? ???????? ?py w x w xppwx wpwx w xppwx wpwpww xp pwx w x* */~~ ~ ~~ ~~ ~1 1 2 211/ 221/ 2113 221/ 22 211/ 221/ 211 11/ 22 211/ 221/ 22 23 33 3 323 32022/2/17 65 Profit Maximization LongRun ProfitMaximization ? ? ? ????????????????????????????????????????????????py w x w xppwx wpwx w xppwx wpwpww xp pwx w xpwx* */~~ ~ ~~ ~~ ~~1 1 2 211/ 221/ 2113 221/ 22 211/ 221/ 211 11/ 22 211/ 221/ 22 2311/ 223 33 3 323 34271/ 22 2? w x~.2022/2/17 66 Profit Maximization LongRun ProfitMaximization ? ????????? ?427311/ 221/ 22 2pwx w x~ ~ .What is the longrun profitmaximizing level of input 2? Solve 0 124272311/ 221/ 22? ????????? ?????~~xpwx wto get ~ .*x x pw w2 231 2227? ?2022/2/17 67 Profit Maximization LongRun ProfitMaximization What is the longrun profitmaximizing input 1 level? Substitute x pwx113 221/ 23*/~? ??????x pw w231 2227* ? into to get 2022/2/17 68 Profit Maximization LongRun ProfitMaximization What is the longrun profitmaximizing input 1 level? Substitute x pwx113 221/ 23*/~? ??????x pw w231 2227* ? into to get x pwpw wpw w113 2 31 221/ 2 31223 27 27*/.? ?????????????? ?2022/2/17 69 Profit Maximization LongRun ProfitMaximization What is the longrun profitmaximizing output level? Substitute x pw w231 2227* ? into to get y pwx* ~? ??????3 11/ 221/ 22022/2/17 70 Profit Maximization LongRun ProfitMaximization What is the longrun profitmaximizing output level? Substitute x pw w231 2227* ? into to get y pwpw wpw w* .? ?????????????? ?3 27 911/ 2 31 221/ 2 21 2y pwx* ~? ??????3 11/ 221/ 22022/2/17 71 Profit Maximization LongRun ProfitMaximization So given the prices p, w1 and w2, and the production function y x x?11/ 3 21/ 3the longrun profitmaximizing production plan is ( , , ) , , .* * *x x y pw wpw wpw w1 2312231 2221 227 27 9?????????2022/2/17 72 Profit Maximization ReturnstoScale and ProfitMaximization ? If a petitive firm’s technology exhibits decreasing returnstoscale then the firm has a single longrun profitmaximizing production plan. 2022/2/17 73 Profit Maximization Returnsto Scale and ProfitMaximization x y y f x? ( )y* x* Decreasing returnstoscale 2022/2/17 74 Profit Maximization ReturnstoScale and ProfitMaximization ? If a petitive firm’s technology exhibits increasing returnstoscale then the firm does not have a profitmaximizing plan. 2022/2/17 75 Profit Maximization Returnsto Scale and ProfitMaximization x y y f x? ( )y” x’ Increasing returnstoscale y’ x” 2022/2/17 76 Profit Maximization ReturnstoScale and ProfitMaximization ? So an increasing returnstoscale technology is inconsistent with firms being perfectly petitive. 2022/2/17 77 Profit Maximization ReturnstoScale and ProfitMaximization ? What if the petitive firm’s technology exhibits constant returnstoscale? 2022/2/17 78 Profit Maximization Returnsto Scale and ProfitMaximization x y y f x? ( )y” x’ Constant returnstoscale y’ x” 2022/2/17 79 Profit Maximization Returnsto Scale and ProfitMaximization ? So if any production plan earns a positive profit, the firm can double up all inputs to produce twice the original output and earn twice the original profit. 2022/2/17 80 Profit Maximization Returnsto Scale and ProfitMaximization ? Therefore, when a firm’s technology exhibits constant returnstoscale, earning a positive economic profit is inconsistent with firms being perfectly petitive. ? Hence constant returnstoscale requires that petitive firms earn economic profits of zero. 2022/2/17 81 Profit Maximization Returnsto Scale and ProfitMaximization x y y f x? ( )y” x’ Constant returnstoscale y’ x” ? = 0 2022/2/17 82 Profit Maximization Revealed Profitability ? Consider a petitive firm with a technology that exhibits decreasing returnstoscale. ? For a variety of output and input prices we observe the firm’s choices of production plans. ? What can we learn from our observations? 2022/2/17 83 Profit Maximization Revealed Profitability ? If a production plan (x’,y’) is chosen at prices (w’,p’) we deduce that the plan (x’,y’) is revealed to be profitmaximizing for the prices (w’,p’). 2022/2/17 84 Profit Maximization Revealed Profitability x y Slope wp? ???x?y( , )? ?x y is chosen at prices ( , )? ?w p2022/2/17 85 Profit Maximization Revealed Profitability x y is chosen at prices so is profitmaximizing at these prices. Slope wp? ???x?y( , )? ?x y ( , )? ?w p( , )? ?x y2022/2/17 86 Profit Maximization Revealed Profitability x y is ch
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