پاورپوینت کامل Monopolistic Competition and Oligopoly (Chapter 12) 107 اسلاید در PowerPoint

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پاورپوینت کامل Monopolistic Competition and Oligopoly (Chapter 12) 107 اسلاید در PowerPoint

اسلاید ۴: Chapter 12Slide 4Monopolistic CompetitionCharacteristics1)Many firms2)Free entry and exit3)Differentiated product

اسلاید ۵: Chapter 12Slide 5Monopolistic CompetitionThe amount of monopoly power depends on the degree of differentiation.Examples of this very common market structure include:ToothpasteSoapCold remedies

اسلاید ۶: Chapter 12Slide 6Monopolistic CompetitionToothpaste Crest and monopoly powerProcter & Gamble is the sole producer of CrestConsumers can have a preference for Crest—taste, reputation, decay preventing efficacyThe greater the preference (differentiation) the higher the price.

اسلاید ۷: Chapter 12Slide 7Monopolistic CompetitionQuestionDoes Procter & Gamble have much monopoly power in the market for Crest

اسلاید ۸: Chapter 12Slide 8Monopolistic CompetitionThe Makings of Monopolistic CompetitionTwo important characteristicsDifferentiated but highly substitutable productsFree entry and exit

اسلاید ۹: A Monopolistically Competitive Firm in the Short and Long RunQuantity$/QQuantity$/QMCACMCACDSRMRSRDLRMRLRQSRPSRQLRPLRShort RunLong Run

اسلاید ۱۰: Chapter 12Slide 10Observations (short-run)Downward sloping demand–differentiated productDemand is relatively elastic–good substitutesMR < PProfits are maximized when MR = MCThis firm is making economic profitsA Monopolistically Competitive Firm in the Short and Long Run

اسلاید ۱۱: Chapter 12Slide 11Observations (long-run)Profits will attract new firms to the industry (no barriers to entry)The old firm’s demand will decrease to DLRFirm’s output and price will fallIndustry output will riseNo economic profit (P = AC)P > MC — some monopoly powerA Monopolistically Competitive Firm in the Short and Long Run

اسلاید ۱۲: Deadweight lossMCACComparison of Monopolistically Competitive Equilibrium and Perfectly Competitive Equilibrium$/QQuantity$/QD = MRQCPCMCACDLRMRLRQMCPQuantityPerfect CompetitionMonopolistic Competition

اسلاید ۱۳: Chapter 12Slide 13Monopolistic CompetitionMonopolistic Competition and Economic EfficiencyThe monopoly power (differentiation) yields a higher price than perfect competition. If price was lowered to the point where MC = D, consumer surplus would increase by the yellow triangle.

اسلاید ۱۴: Chapter 12Slide 14Monopolistic CompetitionMonopolistic Competition and Economic EfficiencyWith no economic profits in the long run, the firm is still not producing at minimum AC and excess capacity exists.

اسلاید ۱۵: Chapter 12Slide 15Monopolistic CompetitionQuestions1)If the market became competitive, what would happen to output and price2)Should monopolistic competition be regulated

اسلاید ۱۶: Chapter 12Slide 16Monopolistic CompetitionQuestions3)What is the degree of monopoly power4)What is the benefit of product diversity

اسلاید ۱۷: Chapter 12Slide 17Monopolistic Competition in the Market for Colas and CoffeeThe markets for soft drinks and coffee illustrate the characteristics of monopolistic competition.

اسلاید ۱۸: Chapter 12Slide 18Elasticities of Demand for Brands of Colas and CoffeeColas:Royal Crown-2.4Coke-5.2 to -5.7Ground Coffee:Hills Brothers-7.1Maxwell House-8.9Chase and Sanborn-5.6BrandElasticity of Demand

اسلاید ۱۹: Chapter 12Slide 19Questions1)Why is the demand for Royal Crown more price inelastic than for Coke2)Is there much monopoly power in these two markets3)Define the relationship between elasticity and monopoly power.Elasticities of Demand for Brands of Colas and Coffee

اسلاید ۲۰: Chapter 12Slide 20OligopolyCharacteristicsSmall number of firmsProduct differentiation may or may not existBarriers to entry

اسلاید ۲۱: Chapter 12Slide 21OligopolyExamplesAutomobilesSteelAluminumPetrochemicalsElectrical equipmentComputers

اسلاید ۲۲: Chapter 12Slide 22OligopolyThe barriers to entry are:NaturalScale economiesPatentsTechnologyName recognition

اسلاید ۲۳: Chapter 12Slide 23OligopolyThe barriers to entry are:Strategic actionFlooding the marketControlling an essential input

اسلاید ۲۴: Chapter 12Slide 24OligopolyManagement ChallengesStrategic actionsRival behaviorQuestionWhat are the possible rival responses to a 10% price cut by Ford

اسلاید ۲۵: Chapter 12Slide 25OligopolyEquilibrium in an Oligopolistic MarketIn perfect competition, monopoly, and monopolistic competition the producers did not have to consider a rival’s response when choosing output and price.In oligopoly the producers must consider the response of competitors when choosing output and price.

اسلاید ۲۶: Chapter 12Slide 26OligopolyEquilibrium in an Oligopolistic MarketDefining EquilibriumFirms doing the best they can and have no incentive to change their output or priceAll firms assume competitors are taking rival decisions into account.

اسلاید ۲۷: Chapter 12Slide 27OligopolyNash EquilibriumEach firm is doing the best it can given what its competitors are doing.

اسلاید ۲۸: Chapter 12Slide 28OligopolyThe Cournot ModelDuopolyTwo firms competing with each otherHomogenous goodThe output of the other firm is assumed to be fixed

اسلاید ۲۹: Chapter 12Slide 29MC150MR1(75)D1(75)12.5If Firm 1 thinks Firm 2 will produce 75 units, its demand curve is shifted to the left by this amount. Firm 1’s Output DecisionQ1P1What is the output of Firm 1if Firm 2 produces 100 unitsD1(0)MR1(0)If Firm 1 thinks Firm 2 will produce nothing, its demandcurve, D1(0), is the market demand curve.D1(50)MR1(50)25If Firm 1 thinks Firm 2 will produce 50 units, its demand curve is shifted to the left by this amount.

اسلاید ۳۰: Chapter 12Slide 30OligopolyThe Reaction CurveA firm’s profit-maximizing output is a decreasing schedule of the expected output of Firm 2.

اسلاید ۳۱: Chapter 12Slide 31Firm 2’s ReactionCurve Q*2(Q2)Firm 2’s reaction curve shows how much itwill produce as a function of how much it thinks Firm 1 will produce. Reaction Curves and Cournot EquilibriumQ2Q1255075100255075100Firm 1’s ReactionCurve Q*1(Q2)xxxxFirm 1’s reaction curve shows how much itwill produce as a function of how much it thinks Firm 2 will produce. The x’s correspond to the previous model.In Cournot equilibrium, eachfirm correctly assumes howmuch its competitors willproduce and therebymaximize its own profits.CournotEquilibrium

اسلاید ۳۲: Chapter 12Slide 32OligopolyQuestions1)If the firms are not producing at the Cournot equilibrium, will they adjust until the Cournot equilibrium is reached2)When is it rational to assume that its competitor’s output is fixed

اسلاید ۳۳: Chapter 12Slide 33OligopolyAn Example of the Cournot EquilibriumDuopolyMarket demand is P = 30 – Q where Q = Q1 + Q2MC1 = MC2 = 0The Linear Demand Curve

اسلاید ۳۴: Chapter 12Slide 34OligopolyAn Example of the Cournot EquilibriumFirm 1’s Reaction CurveThe Linear Demand Curve

اسلاید ۳۵: Chapter 12Slide 35OligopolyAn Example of the Cournot EquilibriumThe Linear Demand Curve

اسلاید ۳۶: Chapter