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پاورپوینت کامل Profit Maximization and Competitive Supply 106 اسلاید در PowerPoint

اسلاید ۴: Chapter 8Slide 4Perfectly Competitive MarketsCharacteristics of Perfectly Competitive Markets1)Price taking2)Product homogeneity3)Free entry and exit

اسلاید ۵: Chapter 8Slide 5Perfectly Competitive MarketsPrice TakingThe individual firm sells a very small share of the total market output and, therefore, cannot influence market price.The individual consumer buys too small a share of industry output to have any impact on market price.

اسلاید ۶: Chapter 8Slide 6Perfectly Competitive MarketsProduct HomogeneityThe products of all firms are perfect substitutes.ExamplesAgricultural products, oil, copper, iron, lumber

اسلاید ۷: Chapter 8Slide 7Perfectly Competitive MarketsFree Entry and ExitBuyers can easily switch from one supplier to another.Suppliers can easily enter or exit a market.

اسلاید ۸: Chapter 8Slide 8Perfectly Competitive MarketsDiscussion QuestionsWhat are some barriers to entry and exitAre all markets competitiveWhen is a market highly competitive

اسلاید ۹: Chapter 8Slide 9Profit MaximizationDo firms maximize profitsPossibility of other objectivesRevenue maximizationDividend maximizationShort-run profit maximization

اسلاید ۱۰: Chapter 8Slide 10Profit MaximizationDo firms maximize profitsImplications of non-profit objectiveOver the long-run investors would not support the companyWithout profits, survival unlikely

اسلاید ۱۱: Chapter 8Slide 11Profit MaximizationDo firms maximize profitsLong-run profit maximization is valid and does not exclude the possibility of altruistic behavior.

اسلاید ۱۲: Chapter 8Slide 12Marginal Revenue, Marginal Cost, and Profit MaximizationDetermining the profit maximizing level of outputProfit ( ) = Total Revenue – Total CostTotal Revenue (R) = PqTotal Cost (C) = CqTherefore:

اسلاید ۱۳: Chapter 8Slide 13Profit Maximization in the Short Run0Cost,Revenue,Profit($s per year)Output (units per year)R(q)Total RevenueSlope of R(q) = MR

اسلاید ۱۴: Chapter 8Slide 140Cost,Revenue,Profit$ (per year)Output (units per year)Profit Maximization in the Short RunC(q)Total CostSlope of C(q) = MCWhy is cost positive when q is zero

اسلاید ۱۵: Chapter 8Slide 15Marginal revenue is the additional revenue from producing one more unit of output.Marginal cost is the additional cost from producing one more unit of output.Marginal Revenue, Marginal Cost, and Profit Maximization

اسلاید ۱۶: Chapter 8Slide 16Comparing R(q) and C(q)Output levels: 0- q0: C(q)> R(q)Negative profit FC + VC > R(q)MR > MCIndicates higher profit at higher output0Cost,Revenue,Profit($s per year)Output (units per year)R(q)C(q)ABq0q*Marginal Revenue, Marginal Cost, and Profit Maximization

اسلاید ۱۷: Chapter 8Slide 17Comparing R(q) and C(q)Question: Why is profit negative when output is zeroMarginal Revenue, Marginal Cost, and Profit MaximizationR(q)0Cost,Revenue,Profit$ (per year)Output (units per year)C(q)ABq0q*

اسلاید ۱۸: Chapter 8Slide 18Comparing R(q) and C(q)Output levels: q0 – q*R(q)> C(q)MR > MCIndicates higher profit at higher outputProfit is increasingR(q)0Cost,Revenue,Profit$ (per year)Output (units per year)C(q)ABq0q*Marginal Revenue, Marginal Cost, and Profit Maximization

اسلاید ۱۹: Chapter 8Slide 19Comparing R(q) and C(q)Output level: q*R(q)= C(q)MR = MCProfit is maximizedR(q)0Cost,Revenue,Profit$ (per year)Output (units per year)C(q)ABq0q*Marginal Revenue, Marginal Cost, and Profit Maximization

اسلاید ۲۰: Chapter 8Slide 20QuestionWhy is profit reduced when producing more or less than q* R(q)0Cost,Revenue,Profit$ (per year)Output (units per year)C(q)ABq0q*Marginal Revenue, Marginal Cost, and Profit Maximization

اسلاید ۲۱: Chapter 8Slide 21Comparing R(q) and C(q)Output levels beyond q*: R(q)> C(q)MC > MR Profit is decreasingMarginal Revenue, Marginal Cost, and Profit MaximizationR(q)0Cost,Revenue,Profit$ (per year)Output (units per year)C(q)ABq0q*

اسلاید ۲۲: Chapter 8Slide 22Therefore, it can be said:Profits are maximized when MC = MR.Marginal Revenue, Marginal Cost, and Profit MaximizationR(q)0Cost,Revenue,Profit$ (per year)Output (units per year)C(q)ABq0q*

اسلاید ۲۳: Chapter 8Slide 23Marginal Revenue, Marginal Cost, and Profit Maximization

اسلاید ۲۴: Chapter 8Slide 24Marginal Revenue, Marginal Cost, and Profit Maximization

اسلاید ۲۵: Chapter 8Slide 25The Competitive FirmPrice takerMarket output (Q) and firm output (q)Market demand (D) and firm demand (d)R(q) is a straight lineMarginal Revenue, Marginal Cost, and Profit Maximization

اسلاید ۲۶: Demand and Marginal Revenue Faced by a Competitive FirmOutput (bushels)Price$ per bushelPrice$ per bushelOutput (millions of bushels)d$4100200100FirmIndustryD$4

اسلاید ۲۷: Chapter 8Slide 27The Competitive FirmThe competitive firm’s demandIndividual producer sells all units for $4 regardless of the producer’s level of output.If the producer tries to raise price, sales are zero.Marginal Revenue, Marginal Cost, and Profit Maximization

اسلاید ۲۸: Chapter 8Slide 28The Competitive FirmThe competitive firm’s demandIf the producers tries to lower price he cannot increase salesP = D = MR = ARMarginal Revenue, Marginal Cost, and Profit Maximization

اسلاید ۲۹: Chapter 8Slide 29The Competitive FirmProfit MaximizationMC(q) = MR = PMarginal Revenue, Marginal Cost, and Profit Maximization

اسلاید ۳۰: Chapter 8Slide 30Choosing Output in the Short RunWe will combine production and cost analysis with demand to determine output and profitability.

اسلاید ۳۱: Chapter 8Slide 31q0Lost profit forqq < q*Lost profit forq2 > q*q1q2A Competitive Firm Making a Positive Profit10203040Price($ perunit)012345678910115060MCAVCATCAR=MR=POutputq*At q*: MR = MCand P > ATCDABCq1 : MR > MC andq2: MC > MR andq0: MC = MR butMC falling

اسلاید ۳۲: Chapter 8Slide 32Would this producercontinue to produce with a lossA Competitive Firm Incurring LossesPrice($ perunit)OutputAVCATCMCq*P = MRBFCAEDAt q*: MR = MCand P < ATCLosses = P- AC) x q* or ABCD

اسلاید ۳۳: Chapter 8Slide 33Choosing Output in the Short RunSummary of Production DecisionsProfit is maximized when MC = MRIf P > ATC the firm is making profits.If AVC < P < ATC the firm should produce at a loss.If P < AVC < ATC the firm should shut-down.

اسلاید ۳۴: Chapter 8Slide 34The Short-Run Output of an Aluminum Smelting PlantOutput (tons per day) Cost(dollars per item)3006001200130014001140P1P2ObservationsPrice between $1140 & $1300: q = 600Price > $1300: q = 900Price < $1140: q = 0 QuestionShould the firm stay in businesswhen P < $1140

اسلاید ۳۵: Chapter 8Slide 35Some Cost Considerations for ManagersThree guidelines for estimating marginal cost:1)Average variable cost should not be used as a substitute for marginal cost.

اسلاید ۳۶: Chapter 8Slide 36Some Cost Considerations for ManagersThree guidelines for estimating marginal cost:2)A single item on a firm’s accounting ledger may have two components, only one of which involves marginal cost.

اسلاید ۳۷: Chapter 8Slide 37Three guideline