第14章-竞争市场上的企业-曼昆经济学原理第七版课件.ppt
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- 14 竞争 市场 企业 经济学原理 第七 课件
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1、PowerPoint Slides prepared by:Andreea CHIRITESCUEastern Illinois University1414Firms in Competitive Markets 2015 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or
2、otherwise on a password-protected website for classroom use.1What is a Competitive Market?Competitive marketPerfectly competitive marketMarket with many buyers and sellersTrading identical productsEach buyer and seller is a price takerFirms can freely enter or exit the market 2015 Cengage Learning.A
3、ll Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.2What is a Competitive Market?Firm in a competitive marketTries to maxi
4、mize profit ProfitTotal revenue minus total cost Total revenue,TR=P QPrice times quantity Proportional to the amount of output 2015 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain pro
5、duct or service or otherwise on a password-protected website for classroom use.3What is a Competitive Market?Average revenue,AR=TR/QTotal revenue divided by the quantity sold Marginal revenue,MR=TR/QChange in total revenue from an additional unit sold For competitive firmsAR=PMR=P 2015 Cengage Learn
6、ing.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.4Table 15 2015 Cengage Learning.All Rights Reserved.May not be cop
7、ied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.Total,Average,and Marginal Revenue for a Competitive FirmProfit Maximization Maximize profitProduce quan
8、tity where total revenue minus total cost is greatestCompare marginal revenue with marginal costIf MR MC:increase productionIf MR MC,firm should increase outputIf MC MR,firm should decrease outputIf MR=MC,profit-maximizing level of output Marginal-cost curveDetermines the quantity of the good the fi
9、rm is willing to supply at any priceIs the supply curve 2015 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classr
10、oom use.10Figure 211 2015 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.Marginal Cost as the Compet
11、itive Firms Supply CurvePrice An increase in the price from P1 to P2 leads to an increase in the firms profit-maximizing quantity from Q1 to Q2.Because the marginal-cost curve shows the quantity supplied by the firm at any given price,it is the firms supply curve.Quantity 0ATCAVCMCP1P2Q2Q1Profit Max
12、imization ShutdownShort-run decision not to produce anythingDuring a specific period of timeBecause of current market conditionsFirm still has to pay fixed costs ExitLong-run decision to leave the marketFirm doesnt have to pay any costs 2015 Cengage Learning.All Rights Reserved.May not be copied,sca
13、nned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.12Profit Maximization The firms short-run decision to shut downTR=total revenueVC=variable costs Firms decision
14、:Shut down if TR VC(P AVC,.2.butshuts downif PAVC.Profit Maximization Sunk costA cost that has already been committed and cannot be recoveredShould be ignored when making decisions“Dont cry over spilt milk”“Let bygones be bygones”In the short run,fixed costs are sunk costs 2015 Cengage Learning.All
15、Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.15Near-empty restaurants&off-season miniature golf Restaurant stay open fo
16、r lunch?Fixed costs Not relevant Are sunk costs in short runVariable costs relevantShut down if revenue from lunch variable costs16 2015 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certai
17、n product or service or otherwise on a password-protected website for classroom use.Staying open can be profitable,even with many tables empty.Near-empty restaurants&off-season miniature golf Operator of a miniature-golf courseIgnore fixed costsShut down if Revenue variable costs17 2015 Cengage Lear
18、ning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.Profit Maximization Firms long-run decisionExit the market if Tot
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